Of course, in order to use the service you need to be a Windows Live user. The recently launched service will get you password-protected storage for any file format, with a 50 MB limit on each file. You can create up to 30-top-level folders and as many subfolders as you want, which can be marked as personal, shared, or public.
Though thereís still work to be done Ė such as integration with Windows and other Live services Ė 5GBs of free storage space isn't a bad deal at all. You can get yours at the official Windows Live SkyDrive homepage.