1.) Enter your hotmail address and another email address that you currently have access to, then click on Continue. If you don't have another working email address, you can create one at www.gmail.com.
2.) Fill out as much information as possible, and click on Continue.
3. Then you will be given a PIN and a link to the windows live/hotmail forum. Please note that down and bookmark/add to favorite that link to the forum.
4.) Then you will receive an email from Microsoft/Hotmail that allows to reset your hotmail email password and security question/answer.
It might take more than a day to process the request, but you should be able to recover your hotmail account with enough provided information.