Hi,
Once you get to the microsoft site, you should download the .net framework, which seems to be something that the IM buddy needs. If you are using any of the usual Windows operating systems then download the x86 version and install it. If you get lost just go here:
http://msdn.microsoft.com/netframework/downloads/updates/default.aspx
However, I suspect there is now an incompatibility. Or at least there was for me. After I installed the framework, I'm still getting an error message saying that I should install .net framework version 1.1.4322. But Microsoft is now distributing version 2.0 and that appears to be unacceptable to the IM buddy.