Things to uncheck:
Show my display picture and allow others to see it. - Will protect your ip from getting sniffed.
Allow others to see that I have a webcam.
You can also do
- uncheck show display pictures from others - it will stop direct communication between contacts.
- Update to newest version of MSN - will protect against most malicious code. [corrupts your messenger... etc]
- If possible try to hide yourself behind a proxy. [proxy behind a BSD Server would be the best protection.]
Last thing to do: Go to run and type msconfig go to Services and check Hide All Mcft Services and uncheck: Messenger Sharing Folders USn Journal Reader service.