The following registry hack will create a new folder in your Yahoo! Messenger Install Directory (the default is C:\Program Files\Yahoo!\Messenger) the new folder will be Logs.

This will basically log everything that Yahoo! Messenger is doing.
It is really informative and probably wont be of any use to the average user. But for those that are paranoid or just like messing about with programs and such. The install for the register hack is at the bottom of the post.  There is one to enable it and one to disable it.

Enable Log Files

Disable Log Files

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