1. A method for pulmonary delivery of 6-hydroxy-2-(hydroxyphenyl)-3-[4-(2-piperidinoethoxy)benzoyl]benzo[b]thiophene or salts and solvates thereof (raloxifene) to a patient which comprises: having the patient inhale an aerosolized amount of raloxifene through the patient's mouth into the lungs; and optionally repeating the inhalation step a sufficient number of times until an effective amount of raloxifene is delivered to the patient. 2. The method according to Claim 1 where the raloxifene is raloxifene hydrochloride. 3. The method according to Claim 2 where the patient is a human female. 4. The method according to Claim 3 where the areosolized amount is produced by introducing raloxifene as a dry powder, optionally in the presence of a bulking agent, into a gas stream. 5. The method according to Claim 4 where the gas stream is the patients' inspiratory breath. 6. The method according to Claim 3 where the aerosolized amount is produced by nebulizing or spraying a liquid solution or suspension of raloxifene. 7. The method according to Claim 4 where the aerosolized amount contains from about 1 mg to about 8 mg of raloxifene and the total dosage is from about 2 mg to about 16 mg per day. 8. The method according to Claim 6 where the aerosolized amount contains from about 1 mg to about 8 mg of raloxifene and the total dosage is from about 2 mg to about 16 mg per day. 9. The method according to Claim 3 where the aerosolized amount is produced by releasing a propellant containing raloxifene as a dry powder. 10. The method according to Claim 9 where the aerosolized amount contains from about 10 mg to about 100 mg of raloxifene. 11. A method for the nasal delivery of raloxifene to a patient which comprises: having the patient inhale an aerosolized amount of raloxifene through and into the patient's nose; and optionally repeating the inhalation step a sufficient number of times until an effective amount of raloxifene is delivered to the patient. 12. The method according to Claim 11 where the raloxifene is raloxifene hydrochloride. 13. The method according to Claim 12 where the patient is a human menopausal or post menopausal female. 14. The method according to Claim 13 where the areosolized amount is produced by introducing raloxifene as a dry powder, optionally in the presence of a bulking agent, into a gas stream. 15. The method according to Claim 14 where the gas stream is the patients' inspiratory breath. 16. The method according to Claim 13 where the aerosolized amount is produced by nebulizing or spraying a liquid solution or suspension of raloxifene. 17. The method according to Claim 14 where the aerosolized amount contains from about 1 mg to about 8 mg of raloxifene and the total dosage is from about 2 mg to about 16 mg per day. 18. The method according to Claim 16 where the aerosolized amount contains from about 1 mg to about 8 mg of raloxifene and the total dosage is from about 2 mg to about 16 mg per day. 19. The method according to Claim 13 where the aerosolized amount is produced by releasing a propellant containing raloxifene as a dry powder. 20. The method according to Claim 19 where the aerosolized amount contains from about 10 mg to about 100 mg of raloxifene. 21. A pharmaceutical formulation comprising raloxifene dissolved or suspended in a pharmaceutical solvent at a concentration between 1 mg/mL and 100 mg/mL, optionally in the presence of one or more preservatives, surfactants or gasses, said formulation suitable for nebulization or spraying. 22. The formulation according to Claim 21 where the raloxifene is raloxifene hydrochloride. 23. The formulation according to Claim 22 where the raloxifene is present at a concentration in the range from 5 mg/mL to 60 mg/mL. 24. The formulation according to Claim 23 where the concentration range is from 10 mg/mL to 20 mg/mL. 25. A pharmaceutical formulation comprising raloxifene present as a dry powder, with a mass median equivalent aerodynamic diameter between 0.5 mum and 100 mum, in an aerosol propellant, optionally in the presence of ethanol, said formulation suitable for use in a metered dose inhaler. 26. The formulation according to Claim 25 where the raloxifene is raloxifene hydrochloride. 27. The formulation according to Claim 26 where the raloxifene has a mean particle size in the range from 1 mum to 8 mum. 28. The formulation according to Claim 27 where the mean particle size is in the range from 2 mum to 4 mum. 29. The formulation according to Claim 28 where the raloxifene has a mean particle size in the range from 3 mum to 50 mum. 30. The formulation according to Claim 29 where the mean particle size is in the range from 5 mum to 20 mum.