I just received an email from the Hotmail Team asking me to sign into a specified address to avoid having my accoutn canceled. I think this is a phishing expedition. Am I right?

Here is the email:

Dear Valued Customer,

Due to congestion in all Windows Live Mail user accounts, there shall be a removal exercise of all used and unused Hotmail/Msn Accounts. Windows Live would be shutting down several accounts as your email address needs to be added to the new Windows Live database. We programed to stop and delete unused email account, you may permanently stop receiving messages to this Email address if not verified.

You will have to confirm your Hotmail/MSN account. So you are required to logon to your Online Account with the provided link below. For immediate access

Click on the provided link below, then login with your correct username and password to Validate:

{not even a hotmail link so removed}

NB: Failure to update your account will result to a permanent closure.

Sincerely,
Windows Live Team.