Unfortunately not. On the iPad you have to delete them one-by-one. But, is it not possible to delete them on the server directly from your Hotmail account via a web browser or a PC-based email client, such as Thunderbird or Windows Mail? I have Windows Mail on my PC and I can set this up to automatically delete all emails that are older than a certain age.
Another point. You can change the number of emails that the iPad will download. You say it is downloading hundreds of emails. But if you go to the iPad's 'Settings' app you can alter the number of emails that the iPad will download.
'Settings', 'Mail, Contacts, Calendar', 'Mail', 'Show' and then select the number of messages that you want the iPad to download. Of course, the other messages will still be on the email server, but at least the iPad doesn't download them.
If there's still a problem, don't hesitate to get back to us.
Tim
Scotland