Hi,
I don't think so. I checked my mail folders for mails from Hotmail accounts for the time zones they use in "Date:" and "Received:" headers. German hotmail.com users always have +0100 or +0200 there (depending on whether it's summer or winter), which is the correct local time zone. American users tend to have something from -0400 to -0700. In spam sent from Hotmail other timezones occur as well, e.g. -0300 or +0400.
This is what I just got by sending a mail to myself from a hotmail account:
Marco