Yes its possible, log into your hotmail/live/outlook account form laptop/pc, assuming you have the outlook interface, in the top left corner "Outlook" or "Hotmail" would be written and there is a tiny downward arrow below it, click on it, go to "People" section, select the contact you want to edit, tap edit from the top option bar and do the required changes, contacts in your phone will automatically updated while syncing. "
And to print all contacts, in "People" section, there is a "manage" option, open that and select "export", you will get a file with all your contacts and their info, take a print out now!