i really like mailwasher pro
it's not really that automatic, because you have to set up alot the filters and options yourself. But that also means you can modify it so that it does precisely what you want.
it has all the filter type options of a hotmail account
it can "bounce" your blacklisted email, which i really like
it can show the spam/blacklisted messages or delete them automatically
it has a preview window that blocks images and active part of any email so you can verify it as spam
it can automatically lauch outlook etc
it has multiple account checking
it has a friendslist as well as blacklist so you can protect certain emails
it has some premade blacklist for you to use if you want, but it's just as easy to manually do them
it Runs on Win95 / 98 / Me / NT4 / 2000 / XP / XP Pro
the longer you use it, the better it gets at blocking spam because you easily develop your own filters and blacklist as you go. i went from 150 spam emails a day to 40(and i dont' have to see those because i have auto delete/bounce on)
it's not a service, just a very solid piece of software that allows you to control spam list those services do.
The 30 day trial download here:
http://download.com.com/3000-2369-10192291.html
full version has a one time fee of $29.95, here:
http://www.mailwasher.net/
fyi - i don't work for nor am i affliated with the makers of this program in any way