You can not sign in to Windows Live mail with the password given to you. You need another password so that you can open your old e-mail. You may have lost all your e-mail addresses with Windows Live mail.
Can you try to sign in to your mail windows live account via the web based interface. If you still have the wrong password then click on the “Forgot your password?” link. Hopefully, you will be able to reset your password and then be able to access your windows live email account from your desktop client.

