|Create Multiple Email Alias IDs On Outlook.com|
1) Just go here.
2) Choose your new alias @outlook.com or @hotmail.com domain.
3) Next check where you want the new mails coming from the email alias to go. I prefer a new folder, you may also choose the inbox. That's it. You are allowed 5 email alias (which is quite fair).
Note: To manage, edit or delete your current alias go here.
The new outlook has unlimited storage with a much the best email interface there is. I strongly suggest you give it a go. And yes I am surprised I am saying that about a microsoft product !