I am using gnhosting.co.uk as a hosting company and am trying to set up my outlook so I can read my emails in outlook rather than webmail. Can this be done.

Possibly, really depends if the hosting company supports POP3 (Yahoo) or IMAP (AOL).
Sometimes you can use HTTP (hotmail), but POP3 is the most common.

The answer seems to be YES.
Have a look here: Welcome to GNHosting. Tutorials