What i try:

1. Deleting the Calendar folder under the Windows Live Mail folder.

2. Running repair on Windows Live Mail.

3. Uninstalling and reinstalling Windows Live Mail.

4. Full uninstall WLM using Revo Uninstaller.

5. Creating portable version of WLM using Cameyo (http://www.cameyo.com/). It works on another PC (same OS), but didn't work on current.

6. I try to check what is going on using ProcessMonitor, but timestamp is not showing anything usable.

WindowsLiveMail.log:

[19:48:29.89] 0928             Calendar:                     Chk ERROR: (wcelementcomponent.cpp:1565), failed with 0x80004005  
[19:48:30.05] 0928             Calendar:                     Chk ERROR: (wcdbserver.cpp:3113), failed with 0x8000FFFF  
[19:48:30.05] 0928             Calendar:                     Chk ERROR: (wcdbserver.cpp:220), failed with 0x8000FFFF  
[19:48:30.05] 0928             Contacts:                Zone_Chk contactdb.cpp:577 ERROR:"" failed with 0x8000FFFF.  
[19:48:30.05] 0928             Contacts:                Zone_Chk contactdb.cpp:532 ERROR:"" failed with 0x8000FFFF.  
[19:48:30.05] 1634             Calendar:                     Chk ERROR: (wcdatastore.cpp:222), failed with 0x8000FFFF  
[19:48:30.08] 1634             Calendar:                     Chk ERROR: (wcdatastore.cpp:81), failed with 0x8000FFFF  
[19:48:30.08] 1634                 Mail:            Zone_MailChk ERROR: (calplatformmanager.cpp:1014), failed with 0x8000FFFF  
[19:48:30.08] 1634                 Mail:            Zone_MailChk ERROR: (calplatformmanager.cpp:962), failed with 0x8000FFFF  
[19:48:30.08] 1634                 Mail:            Zone_MailChk ERROR: (calplatformmanager.cpp:565), failed with 0x8000FFFF  
[19:48:30.08] 1634                 Mail:            Zone_MailChk ERROR: (calplatformmanager.cpp:1188), failed with 0x8000FFFF  
[19:48:30.08] 1634                 Mail:            Zone_MailChk ERROR: (instance.cpp:2030), failed with 0x8000FFFF  
[19:48:30.08] 1634                 Mail:            Zone_MailChk ERROR: (instance.cpp:5417), failed with 0x8000FFFF  
[19:48:30.08] 1634                 Mail:            Zone_MailChk ERROR: (instance.cpp:1677), failed with 0x8000FFFF  
[19:48:31.14] 1634                 Mail:            Zone_MailChk ERROR: (instance.cpp:1361), failed with 0x8000FFFF  
[19:48:31.14] 1634                 Mail:            Zone_MailChk ERROR: (instance.cpp:5640), failed with 0x8000FFFF  
[19:48:31.20] 1634                 Mail:            Zone_MailChk [db] Failed in CoStartOutlookExpressW