Windows Live Hotmail/Calendar is planning an update that will remove the banner ad from the top of the page, but until then, you can get an “ad-free” version of your calendar by creating or joining a Windows Live Group. See, every group has a built-in calendar, and when you access it, you have the option to integrate any other calendar you can access, including the one that’s linked to your Hotmail account!
Windows Live Group Calendar can integrate your Hotmail calendar
To view additional calendars, use the check box filters beneath the mini-calendar navigator on the left side of the page. Place a check beside each calendar you want to integrate into the view. To keep things straight, each calendar can be assigned a unique color.
Also, notice that this technique gives your calendar the “wave 3” header links (Home, Profile, People, Mail, Photos, etc.) at the top of the page. Following the next Hotmail release, these links should be standardized within that interface as well.