When I first had my unlimited data plan I considered using my Hotmail account to do exactly what you are wanting.
However - I have found with the Live app (even the latest release) that contacts do not sync correctly.
Also - I've never managed to get the calendar to sync and that was important to me as well.
Have you considered something like mail2web's offering? I set up an email address with mail2web (
yourname@mail2web.com) and forwarded my emails to that account from GMail (my main email account). Mail2Web also provides full outlook functionality (so I could sync my calendar and my contacts) but I loved the fact that I could access Outlook through any web browser on the planet
All of this was FREE! The only issue with Mail2Web free service is that HTML email is not supported (as it is Exchange 2003, not 2007) and when sending emails from my device, you are unable to send them via your standard account (in my case GMail) so your recipients will see your email address as
yourname@mail2web.com - a small sacrifice to pay for a free hosted exchange account.
Find out more information on mail2web
here.
This isn't an advert and I am not connected to mail2web - they simply provide a good service for free.
Other services available include the Yahoo Go! service, and also GMail homepage provides nice access to the GMail calendar.
Let us know how you get on.