Try it by hand:
$ openssl s_client -connect pop3.live.com:995 -crlf
...
+OK COL0-POP187 POP3 server ready
"POP3 server ready". So it's a POP3 server, not an IMAP server. No surprise, since the hostname says "pop3" and the port number is 995.
As far as I can tell, Hotmail does not provide IMAP access.