I have an exchange server set up in outlook 2007, but on my girlfriend's computer in outlook 2003 I couldn't get that setup so had to use POP3.
On my phone I use the following settings which work great:
Server: m.outlook.com
Username: ******@live.warwick.ac.uk
Domain:live.warwick.ac.uk
Use SSL: Yes
They are the only settings I have and they work fine.
For setting up stuff in outlook, if you have outlook 2007 it should be pretty simple, as when I did it it detected all the settings for me. You set the server to something like outlook.com or mailbox.outlook.com and it should auto detect the rest. (Although to be honest I can't remember exactly what I did). If you have anything else and have to use POP3, the you will find the server settings for that in the Web Outlook. Click on the blue question mark near the top right corner, then about, and then find the POP3 and SMTP server settings with ports and encryption settings on that page.