When you open Windows Live Messenger for regular use, do you get a message pop up saying "The application or DLL [file path] is not a valid Windows image" or something along those lines?
Because I had that problem, plus when Messenger loaded I got the exact same problem/error as you've described and shown above. Mine had the file path ending in "msgslang(2).dll". Knowing of course that anything in a program's files with a (2) at the end is probably a mistake or not supposed to be there, I deleted it (coupled with the fact that there was a file with the same name minus the (2) in the folder, and that the problem file was also of size 0 Kb).
Bingo, MSGPlusLive works fine for me now.
Hopefully that will work for you as well. Unless of course you're not even getting that error message when opening Messenger... in which case, Good Luck!