[SKS06460]

Hard reset will erase everything that is on your phone's memory. It won't touch anything on you SD card, so if your cabs are located on your SD card, they won't be erased, but the programs installed on your device by the cabs will disappear and need re-installation.
You might want to try the hard reset without installing any programs. Then see if you are getting the same crappy battery life. If you are, most likely there is something wrong with either your battery or your handheld. It's hard to tell which one based on the information you've said so far.
If you get good battery life after the hard reset, try installing your programs one at a time to try to determine which one is causing you a problem.
I'm no expert, but if I was a betting man I'd say the hotmail application is polling too often and causing your battery drain.
Of course, I'm not a betting man because I have a serious gambling problem. My problem is.......I always loose, so take my advice with a grain of salt.


EDIT...OOOPS, looks like I took to long to type an answer. Others have given you good or better ideas.
But, as always, my free advice comes with a double your money back guarantee.