No, it will not work with the Windows Live Mail. These are system requirements posted on the download page at the official website.
Outlook 2010 or 2013. Outlook 2007 & older NOT supported.
Compatible with Windows XP, Vista, Windows 7 & Windows 8. Sorry, no support for Mac.
Requires Outlook configured with Microsoft Exchange. Outlook configured with POP/IMAP/Domino etc. is not supported.
As you can see, Windows Live Mail is an unsupported application. For additional information, contact the developers on: http://www.otherinbox.com/email-genie/