I know you're all sitting at the edge of your seats wondering what's going on with my Live Meeting recording issue, so I thought I'd give you an update. A very persistent gentleman at Live Meeting support went above and beyond the call of duty, and tried producing my recording using several different video editing applications, including Microsoft Producer, and was also unsuccessful. That is, until he tried Sony's Vegas Movie Studio. I downloaded a trial version, and it worked! I had to run it overnight because it took hours and hours (the recording I was editing is about 3 hours long), but I finally was able to finish the recording.
I'm still hoping for another solution, since Vegas costs about $500, but at least I know the Live Meeting videos can actually be edited. Just not by any Microsoft product! :-)
I'll keep you informed if I get any more information on this.