Long time since I looked at XP, but I guess you need a kind of text file showing the contacts.
You can use the method I described, and export the contacts as a .csv (Excel, or spreadshhet format) This can be easily read, but not so neat as a text file.
You can also choose to export as a business card. This might suit you more. Make a directory and choose the export - .vcf option. If you then click any of the list, it will open with the full contents.
The messages can be exported to an empty folder from the normal drop down export email facility. Alternatively, these are already in the mailbox. You can go to your account there and copy drag and paste.
Tip. I have always found it a good idea to open a Folder (Call it MailBox?) somewhere quite separate for "Live". When I set up the Advanced options in a new account, I popint to this folder.
Later. Of course, you are aware that you have a "contacts" folder under your username. But this is NOT the folder used by Windows Live Mail. You can, however, drag and drop your present XP contact list into here.