Welcome to the Vista Forums! I hope you enjoy your time here! Thanks for creating a new thread!
This error isn't the easiest to fix, but it also shouldn't be impossible.
Basically, although Windows can store two different version of a component, it cannot actually run two different versions at the same time.
The main available versions for that component are:
As you can see, neither of the conflicting components is using the very latest file version. Now, what to do about it!
Windows Live is a Microsoft product. It is unusual for a Microsoft Product to have this sort of old file versioning issue, as long as it is up to date.
Can you please download a new copy of Windows Live Messenger from here: Windows Live Messenger 2011 - Instant messaging (IM), video chat
and install all of your Windows Updates.
If this doesn't fix it, we can look at more technical fixes, but hopefully we won't have to go there.
Thanks again, and the very best of luck,