If you are trying to obtain the IP address of the reader of the email this should not work. As I understand the Hotmail servers fetch the image back end and then present it to the user if it's safe. The user in no way should be loading remote images.
Note the URI of the image in the email, for example:
https://blu002.mail.live.com/Handlers/ImageProxy.mvc?bicild=&canary=QS3sf5XTfvb0EhoYPqKqj%sdgsdgg%2bk7%2fUeHzTVkYo31k%3d0&url=http%3a%2f%2fo2.mypubliceye.com%2fextranet%2fclient%2f35%2fimages%2fo2-masthead.jpg
If the email reader is using a client for Hotmail, like from a phone or Thunderbird then this may be an option. But is probably frowned upon for obvious reasons.