Yeah, i get these from time to time - and like all chain e-mails i delete them. And nothings happened to my account

I don't think an official email would contain as many exclamation marks or type in all capitals. Also any official notifications I get for my hotmails accounts are usually via MSN Announcements.
by the Email
READ THE PARAGRAPH IF YOU WANT TO KEEP YOUR HOTMAIL ACCOUNT!!!!!!!!!!!!!!!!!!!
Hotmail would not use this method to see who was using their accounts. Surely if they were concerned about their resources they wouldn't overtax them further by pointless forwarding of this email!
by the Email
So if you are using your account, please pass this e-mail to every Hotmail user that you can and if you do not pass this letter to anyone we will delete your account.
That certainly isn't in their terms & conditions!
by the Email
If you do not send this to at least 10 Hotmail members, we will delete your account.