Connecting to the Local Live Operating Environment (LOE) for Offline A

One of the things the Live Framework has to offer is a Local Live Operating Environment you can connect to so that you can Offline Enable your Live Framework Enabled Desktop Applications. I found the process of getting it to work a little tricky (especially since I was running Win7 Beta; I'll explain down further) so I've decided to write up a summary of my experience to help anyone else interested.