Email accounts and such..

[Minos]

I have a few questions regarding email servers and such..
I know linux is able to run mail servers, aka sendmail and such. However im
not sure that is what I want/need. Im looking to switch from hotmail/yahoo
freebie crap due to spam issues, and I want something I could check via both
outlook and evolution, in other words smtp/pop. Now do I need to sign up for
a pay based email and just bite the bullet on this or can I host my own
server? a little info before hand
Linux box, old 500mhz, Cable connection running redhat 8.0.
This would just be for my use, maybe 2 accounts at most.
Thanx friends
Tim