I can't speak for Windows Live Photo but this is how I fixed my Windows Photo Viewer. It's worth a shot.
Quote:
A yellowing effect by Windows Photo Viewer may occur because an incorrect color profile is used for the monitor device in the Color Management setting.
To fix it:
1. Control Panel->Hardware and Sound->Color Management
2. Select your display device
3. Check the box “Use my setting for this device”
4. Click Add
5. Choose “sRGB IEC61966-2.1” (this is the color profile that IE is using)
6. Set it as default.
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NOTE: I had to reboot before the fix was effective.