I will provide steps for your issues. For error code 8004888d, the following conditions may apply:
This problem occurs if the Secure Sockets Layer (SSL) libraries are corrupted.
Please try the following steps in the order they appear to help resolve this issue:
1. Reregister the SSL security libraries.
To reregister each file in the following list, click Start, click Run, type the command, and then click OK.
REGSVR32 softpub.dll
REGSVR32 wintrust.dll
REGSVR32 initpki.dll --------Please note, when I typed this one in I did not recieve confirmation like all the others just the hour glass but it still works
REGSVR32 Rsaenh.dll
REGSVR32 Mssip32.dll
REGSVR32 Cryptdlg.dll
REGSVR32 Dssenh.dll
REGSVR32 Gpkcsp.dll
REGSVR32 Slbcsp.dll
REGSVR32 Sccbase.dll
2. After each command runs successfully, you will receive a "DllRegisterServer succeeded" message.
Wait until you receive this message before you run the next command
3. Restart the computer.
4. Try to sign in to Windows Live Messenger again.
Good luck
Steve.