On 26 February, an update called a platform update was released through Windows Update to coincide with the release of Internet Explorer 10 for Windows 7. IE10 requires this update, which 'improves the features and performance' of a number of display components. Some users have found that
the update affects the display of Windows Live Mail. Other problems ranging from blank screen in Resource Manager to Blue Screen of Death have been reported by users who found that the problem went away if the update was uninstalled.
Here is one user's screenshot:

If you are seeing this problem with Windows Live Mail, the first thing to do is to check with your graphics card/computer manufacturer for updated display drivers. If you're already using the latest, you may have to uninstall the update until a remedy is found.
To do so, open Windows Update in Control Panel and click on Installed updates in the bottom left-hand corner. Locate the update, select it and click
Uninstall. If this update was installed along with IE10, IE10 will also be uninstalled. If you have automatic updates configured, you should hide the update so it doesn't install again.
It might be helpful to the product team if those affected posted a reply to this thread explaining the symptoms and giving the make and model of their computer and its graphics card.