Ok, here's the thing

I wanted my chat logs to have a password on them, so I enable that feature from the Preference settings. and also apply a password. But when I try to read or view the newly formed chat logs, they do not open because it always keeps on saying that my password is wrong. I thought I might've forgotten my password. And I tried different ones which I use normally. But to no avail. So I removed all of those chat logs and created a new password which I made sure of and copied down on a Document. And started chatting. And I tested whether the chat logs have the new password implemented. But when I try to view them, they do not respond as it should. And gives me the same error of wrong password.

While most of my chat logs are very personal to mine. I sure wish I could find a way around these passwords to enable myself to view them. For now, I am using the chat logging without the encryption.

Additional Information:
Windows Live Messenger
Version : 8.1.0178.00
Messenger Plus! Live
Version : 4.11.0.254 Released 28/11/2006
Encryption settings : Protect my chat logs with a password (checked - enabled)
Size of the key to generate for encryption in bits: 2048

So my query is how to keep the chat logs secure while my password is applicable. And also, is the encryption process reversible, I mean to say, can it be decrypted manually using special software or as such?

Try to change the size of the encryption key, set it lower.
Then set a new password.
And make sure your old encrypted logs aren't in the log directory (just to make sure new logs are created with the new key and new password).