There's only a few
Google results and they all say repairing it fixed it.
*
http://answers.yahoo.com/question/index?qid=20090322163714AAuZavQ
*
http://qna.live.com/ShowQuestion.aspx?qid=CB29F14...E4AA2E751EF46CCF99
So you've gone to Add/Remove Programs > Windows Live Essentials > Repair?
If that doesn't work - remove it, download it, install it.
Last resort - Do a
clean install.