I agree with John. The hash is one-way, i.e. Two email addresses can use the same hash, although this is usually unlikely. It is not intended to "decode" this encryption ( SO is the answer to how they are used ). The fact is that you can check it at the email address or addresses that you already have.
Microsoft has some sample code on its website, which may or may not be what you are looking for, but it seems to re-request the contact list of the user who provided their email address to your site. Microsoft then lets you see the contact list with their email hashes. This is done for privacy reasons, so you cannot just collect all the emails in your contact list.
For an example of how this can be put into practice, consider the Facebook Friend Finder feature. You provide an email address, get a bunch of hashed email addresses, then compare with the hashed email addresses of your own registered users who are looking for matches. (The actual implementation of FB is probably a little different than what I suggest.)
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