I dont think microsoft will take the extreme step of deleting the account, given the fact that they would come across a lot of criticism for punishing their fans for their own mistake.
If u have created @live account then plz go and write a line to MS and tell them do not delete the accounts as many have already commented:
*mail-support.spaces.live.com/Blog/cns!A41CEE528F101345!4699.entry
As posted above, LiveSide has clarified that Microsoft has told them they wont delete the accounts as it would hurt the enthusiastic Fans of Live services...
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UPDATE:Nobody will lose their @live emails, clarification and assurance given by Kevin Briody from Windows Live team (*www.liveside.net/blogs/main/archiv...cr_ctl00___Comments___Comments_ctl11_NameLink
So enjoy everyone!