Need a solution regarding the Connection to Microsoft Dynamics
If you are having a problem logging in to Microsoft Dynamics CRM Online using your Windows Live ID account, you should check if your current Windows Live ID is still valid. It is possible that this ID has already expired and can’t be found in their database. Be sure to enter a valid Windows Live ID with its correct password. If the ID is still valid, it’s possible that you entered a wrong password or you probably mistyped the password when you enter it into the password field.
If you know that you are using a valid Windows Live ID but, for no reason, it really doesn’t work, I think this time you really need to create a new account to be able to log in.