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I would you backup the Windows Live Mail folder, then reinstall the program.
The folder can be found at %userprofile%\AppData\local\Microsoft\Windows Live Mail
Go to start men --> my computer --> type this in the address bar %userprofile%\AppData\local\Microsoft\Windows Live Mail
Then copy that Windows Live Mail folder to someplace else.
Uninstall Windows Live Mail.
Reinstall it, then copy the folder back to its original location