I setup an account with AOL.coml and went to windows live mail.

The settings I used were for outlook express but they are pretty much the same thing:

4. In Windows Live, click Accounts on the Tools menu.
5. Click Add, and then click Mail.
6. In the Display name box, type your name as you want it to appear on your outgoing e-mail messages, and then click Next.
7. In the E-mail address box, type your AOL e-mail alias. For example, type user@aol.com or as in my email user@aol.co.uk
8. Click Next.
9. In the My incoming mail server is a list, click IMAP.
10. In the Incoming mail (POP3, IMAP, or HTTP) server box, type imap.aol.com.
11. In the Outgoing mail (SMTP) server box, type smtp.aol.com, and then click Next.
12. In the Account name box, type your AOL account name.
13. In the Password box, type your AOL account password.
14. If you want Windows Live to save your password, leave the Remember password check box selected.
15. Click Next, and then click Finish.

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Step 2: Configure the AOL e-mail account
After you add the AOL e-mail account, you must configure this account in Windows Live. To do this, follow these steps:

1. When you return to the Internet Accounts dialog box after you complete the steps from the "Step 1: Add the AOL e-mail account" section, click the Mail tab.

Note If the Internet Accounts dialog box is not open, click Accounts on the Tools menu.
2. On the Mail tab, click the AOL account that you added, and then click Properties.
3. Click the Servers tab, and then click to select the My server requires authentication check box.
4. Click Apply, and then click the Advanced tab.
5. In the Outgoing mail (SMTP) box, type 587.

Note By default, the SMTP port number is 25.
6. Click Apply, and then click the IMAP tab.
7. Click to clear the Store special folders on IMAP server check box, click Apply, and then click OK.
8. Click Apply, and then click OK.
9. Click Close. If you receive the following message, "Would you like to download folders from the mail server you added?" click Yes.

I have sucessfully downloaded and sent email using windows live email with these settings

Hope this helps
Lee

Serif forum link - My existing website