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Nice tool. Is this project still alive?
Indeed WTFM = Where's The Fine Material :) ?

Here is a snippet from the README found in the sources:

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Installing HotPOP3:

Either you can run it from the command line or you can run:

pop3httpproxy.exe /Service

Which will install the service into the control panel-
>Administration Tools->Service program applet. After it is in
the applet you can set it to automatically startup when your
computer starts up and you can start/stop/disable it. (And
other stuff, I turn automatically restart on since it seems to
crash once or twice a month.)

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Running HotPOP3:

To check your Hotmail, set up an email account in your POP3
client to connect to localhost (or 127.0.0.1) at port 45012. If
your email client doesn't support alternate POP3 ports you
can change the port to 110 in the HotPOP3 source
(file "pop3httpproxy.cpp", function "threadFunction",
variable "localPort"). Make sure your username and password
are correct since currently HotPOP3 does not do very well
with checking them.

That is it! You should be able to check your hotmail from your
pop3 client now!

Additionally (directly from the sources);
pop3httpproxy.exe /RegServer - install as local server
(win95?)

pop3httpproxy.exe /UnregServer - uninstall