It all depends on WHY your acount got blocked in the first place.
If you neglected to, at least, log in for over 90 days, that acount is GONE for ever.
If you participated in forwarding chain e-mails, your acount can get deleted without any warning. The terms of service specificaly prohibit that, in the same paragraph that interdict you from propagating malware and conducting criminal activities...
One of those 3 cases (same solution):
If you tried to use the wrong password to many times.
If someone though he got your password and tried using that invalid password to many times.
If you lost your pasword.
There is a password recovery and reset option. Hope you remember your secret question or that you have a valid alternative e-mail address.
If you try, but can't, access it from school or work, your school or employer may have blocked it.
Ask the system administrator if he can unblock hotmail for you. If the answer is no, you are out of luck.
Electro, March 2012