Part 1
OK, I finally got this working. What no one ever explicitly said, that I figured out from Wayn3w posting was that I had to configure this in the Streams panel and not the Slimserver panel. I want to thank everyone who responded to my posting.
So, here are the steps I followed, so that other non-technical people like me can duplicate this. Mind you, I did this on a Mac.
First steps before you ever go near the Chumby:
1. Download Slimserver
2. Install Slimserver
3. After installing startup Slimserver (On Mac OS X you'll do this from your Mac System Preferences)
4. Wait a moment or two and then click the "Web Access" button on the preference panel. It will fire up your browser and take you to the setting panel (displayed in your web browser).
5. I did very little here. I went to the Live 365 screen and input my Live 365 ID and password.
6. Though you do very little here, you will need to come back to this Slimserver controls screen later