I have my Yahoo Mail account linke to Windows Live Mail and my problem is that when I try to open clickable hyperlinks received in my mails, the following the message is displayed: "Application not found".
This problem may be due to the fact no (Default) browser is configured to open links from Windows Mail. To solve this issue:
Click on Start > Defaults Programs
Set your default programs
Select the web browser of your choice and click "Set this program as default".