There is, but it involves editing the registry, if you are comfortable doing that.
Uninstall Windows Live Mail through the Control Panel. It's a good idea to remove all the accounts before you uninstall and delete the registry keys. In Windows Live Mail, right click the account in the left navigation pane that you want to remove, then click Remove account. Or, click on the Tools tab at the top, go to Accounts, click on Mail tab, highlight the account and click Remove.
Open regedit from the Start button search bar, and delete the following registry keys if they exist:
HKEY_CURRENT_USER\Software\Microsoft\Windows Live Mail
HKEY_LOCAL_MACHINE\Software\Microsoft\Windows Live Mail
HKEY_CURRENT_USER\\Software\Microsoft\Windows Live Mail desktop
HKEY_LOCAL_MACHINE\Software\Microsoft\Windows Live Mail desktop
Go to the Program Files folder on your hard drive, find the Mail folder under Program Files\Windows Live, and delete the Mail folder.
Reboot the computer. It should be thoroughly removed, and you should be able to reinstall it without all the previous settings and accounts.