Use Windows Live ID, but login with a different password
Solution 1:
I would have to say 'NO' it's not possible.
To me any attempt to uncouple the password on the two locations would defy the logic of logging on with a Live ID account / password.
Also, if you succeeded, what would happen if you logged on at a different machine?
Solution 2:
Yes, I was also disappointed, because my password is long and complex, is a pain to type.
I fixed the problem using a fingerprint reader. Just press the finger on it and you login without pressing any other key.
Some laptops, like mine, have the fingerprint reader. I never used it before, but now I find it very useful