In Firefox (and Mozilla) "Favorites" are called "Bookmarks". In Firefox, go to the Bookmarks menu, and choose "Bookmark this Page..."
By the way, I think you're thinking of Internet Explorer, not Hotmail. Hotmail is the Microsoft email website. Firefox will take you to Hotmail too (although there are a few layout issues when I checked it out just now).
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Don’t just search. Find. Check out the new MSN Search! http://search.msn.click-url.com/go/onm00200636ave/direct/01/
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