Yes, even though the Mail app doesn't list Windows Live Hotmail as a default option, you can set up your Hotmail account using POP on your iPad with these instructions:
1. Navigate to Settings -> Mail, Contacts, Calendars -> Add Account...
2. Select Other -> Add Mail Account
3. Enter your name, complete Hotmail address, and account password.
4. Edit the description field for the account if desired.
5. Touch the Save button at the top right of the window.
6. Mail will look up your account information.
7. Next time you run Mail, your Hotmail account will be listed under Accounts.