Looks like the applications part of Windows Live Wave 3 has leaked. You can download it now from Microsoft. This beta release includes new versions of Windows Live Toolbar, Movie Maker, Family Safety, Microsoft Office Outlook Connector, Mail, Messenger, Photo Gallery, and Writer. And Rafael tells me there are references to Windows Live Sync and Office Live in the installer, so there’s more coming down the road!

Here’s what I know about this release, in a nutshell.

Windows Live Mail now includes Calendar integration. (Woot!)

Windows Live Movie Maker will replace Movie Maker in Windows but is now designed more for creating videos for YouTube and other services, since that’s what people are doing with movies these days. (Plus, most movies are created on cell phones and still cameras, not dedicated video cameras.

Windows Live Messenger looks awesome, despite reports about Microsoft backing away from a supposed WPF-based design.

Windows Live Photo Gallery now does facial recognition. Check out the new button-less toolbar, which is making its debut across several of these apps as well. Also, it looks like Flickr won’t be the only third party plugin for much longer.

Windows Live Writer is much advanced with better video embedding and a smarter UI.

More info soon! --Paul