Over at Fanatic Live, Doggie, TheSteve and Psyko have discovered that with only a few lines of code a hacker could gain access to any passwords saved through/for Windows Live Messenger. This can be done due to a problem in the way that Messenger stores your password - everything is stored in plain (unencrypted) text!
Find out how you can access your passwords (on your local computer only) in this thread at the Fanatic Live forums.
Source: Fanatic Live
Thread (including code) at Fanatic Live forums
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