Is there a way to combine or transfer Xbox/Microsoft accounts?

I don't think there's a way for you to combine accounts. You're probably better off abandoning one of the accounts. It sounds like the one that you would want to abandon is your Hotmail account.

I wish there was a way to combine them, but unfortunately there's not.

So for those of you with two Xbox live accounts (this goes for both Silver and Gold), I'm sorry, but there's no way of combining the two of them or transferring the purchases of one account to the other or pooling together your Game Achievements, Reputation,
or Microsoft Points.

There is an entire article about it if you would like to read it to know more.

www.wpcentral.com/followup-microsofts-answer-combining-multiple-accounts-and-master-accounts

In short no. Nothing is transferable between accounts nor is their any way to combine accounts.

Hey GERARDO

Thank you for taking the time to post this on the Xbox Forums. We understand that you are currently inquiring about being able to transfer content over to another account.

As per the
Microsoft account on Xbox FAQ there is no way to combine or transfer content from one account to another.

I hope this was able to clarify any confusion this might have caused.