I have found a way how to fix Windows Live Messenger key-ports problem when trying to log in.

1. Open Taskmanager(Ctrl + Alt + Del) and Processes tab end processes msnmsgr.exe and wlccom.exe

2. Click Start Menu -> Run

Type in the following : regsvr32 softpub.dll and click OK

Open run again and type in the following : regsvr32 mssip32.dll and click OK

Open run again and type in the following : regsvr32 initpki.dll and click OK

3. Open MSN/WLM again and it should be working!

NOTE : This is tested on WLM 2009 running on Windows XP SP3