Your quite welcome, anytime.
O.k. ,but this software and drivers on these disc's if they came with your older Windows XP PC, they most likely will not be compatible with Windows 8.1.
Sometimes the disc's are marked on them for which operating system there for, can always look them up too. Plus you know how old they are.
No Windows live on Windows 8.1, Outlook.com now Outlook
As far as i know, i do not use it, not to sure, but when first setting up Windows 8.1 you will be asked to create a microsoft account, like firstname.lastname@example.org and then you can retrieve and send mail, there is links in Windows 8.1, control panel and also in apps for mail.
No i do not think you can damage your computer by installing obsolete software, just uninstall it afterwards.
Always make a System restore point before and you can also make a registry backup too.
Good luck, google is a good resource do your homework beforehand.