I have both Outlook and Windows Live Mail (WLM) on my system. Since WLM is no longer supported, I'm switching over to Outlook.
Your Outlook emails should be on the Microsoft servers. After installing WLM 2012, you need to set up the email address, port number, etc... and the emails should just flow in to WLM -- unless when Microsoft made a huge change to their email servers which greatly affected WLM months ago, this ability was taken away. I'm not sure.
It used to be - set up your Microsoft email account in WLM; the inbox and folders would then be automatically populated by Microsoft's email servers.
Regards. . .