running Microsoft outlook

it's difficult to understand what you mean

both mac mail and outlook are mail clients both for OS X and for ios

so you can't run one mail program on another mail program

but mac mail can connect to exchange servers and outlook (old hotmail) mail accounts

and ms also has a free outlook app in app store one can install in ios though on OS X outlook is a paid commercial program included in their office for mac

Yes you can setup exchange account access on Mac mail follow these steps

1. Open mail and click to add account on welcome page
2. fill up your details name email and password
3. If your mail account fail to setup automatically then need to provide IMAP or POP details from exchange account
4. you need to fill up details for both incoming mail server and outgoing mail server to configure mail properly

After all steps done send a test mail and receive test mail that its work properly or not