UPDATE:
====================
I have come to know that Windows Live team has stopped accepting new Requests to Microsoft Services Manager and they are suggesting to use
Adding Link to TechNet article http://technet.microsoft.com/en-us/library/ff973114.aspx
With Claims based Authentication SharePoint foundation can delegate authentication to Windows Live ID Security Token Service better Known as Microsoft Services Manager (http://msm.live.com) . I am trying to Provide Step by Step Configuration guide for this.
Configure Microsoft Services Manager ( aka: Windows Live ID Security Token Service)
Retrieve X509 Certificate for INT (Integration) Environment
<KeyDescriptor use=”signing” wsu:Id=”stscer”>
<X509Certificate>
Configure SharePoint 2010 to configure Live ID as trusted Identity Provider
$realm = "DNS Name Specified in Microsoft Services Manager"
$cert = "C:\Cert\LiveID-INT.cer"
$rootcert = Get-PfxCertificate $cert
New-SPTrustedRootAuthority "NewRootAuthority" -Certificate $rootcert | Out-Null
$map1 = New-SPClaimTypeMapping -IncomingClaimType "http://schemas.xmlsoap.org/claims/EmailAddress" -IncomingClaimTypeDisplayName "http://schemas.xmlsoap.org/claims/EmailAddress" -SameAsIncoming
$map2 = New-SPClaimTypeMapping -IncomingClaimType "http://schemas.xmlsoap.org/ws/2005/05/identity/claims/nameidentifier" -IncomingClaimTypeDisplayName "UPN" -LocalClaimType "http://schemas.xmlsoap.org/ws/2005/05/identity/claims/upn"
$ap = New-SPTrustedIdentityTokenIssuer -Name "LiveID-INT" -Description "LiveID" -Realm $realm -ImportTrustCertificate $cert -ClaimsMappings $map1,$map2 -SignInUrl "https://login.live-int.com/login.srf" -IdentifierClaim "http://schemas.xmlsoap.org/ws/2005/05/identity/claims/nameidentifier"
Retrieve Passport Unique ID for your Windows Live ID.
Create Site Collection & login to SharePoint site using Live ID
Create New Site Collection for the Web Application we created in above Steps
Add PUID as Site Collection Administrator
Login to SharePoint site using your Live ID.
Once you Pass Compliance Review
Retrieve X509 Certificate for Prod (Production) Environment
Configure SharePoint 2010 to configure Live ID Production as trusted Identity Provider
$cert = "C:\Cert\LiveID-PROD.cer"
$ap = New-SPTrustedIdentityTokenIssuer -Name "LiveID" -Description "LiveID" -Realm $realm -ImportTrustCertificate $cert -ClaimsMappings $map1,$map2 -SignInUrl "https://login.live.com/login.srf" -IdentifierClaim http://schemas.xmlsoap.org/ws/2005/05/identity/claims/nameidentifier