There are tons of solutions for creating temporary email addresses. Gmail, Hotmail and many other services also allow you to add plus sign (+) followed by any word at the end of your ID to filter e-mails easily (read more here).
Hotmail has introduced a new way to create and manage multiple email addresses easily, even without signing up again. Moreover, you can manage all such email addresses from your default account. Hotmail team describes this, "Some people like to use multiple addresses for different things. For example, you might use one address for a job search and a different one for online shopping. That way, messages sent to those addresses can be kept in a separate folder. Email aliases (the new feature) let you create completely different email addresses that you can use to receive email into your primary account without anyone knowing what your primary email address is." (which is visible in + sign trick).
How to create Email aliases in Hotmail
Visit this link, and enter a choice for your email aliases. Later, you can decide to filter e-mails, sent to this new e-mail address, to a separate folder. You can add up to 5 email aliases per year, and up to 15 aliases in total. Now, the most exciting part: you can delete email aliases in future to stop receiving emails. Hence, it acts as temporary email address.