(the numbers are approximate word counts).
36752 words total. Word counts are approximate.
1308 - Xbox LIVE Code of Conduct ( http://www.xbox.com/en-US/legal/codeofconduct )
4751 - Microsoft Online Privacy Notice ( http://go.microsoft.com/?linkid=9740471 )
505 - Microsoft Anti-Spam Policy ( http://privacy.microsoft.com/en-us/anti-spam.mspx )
6316 - Windows Phone Marketplace Application Provider Agreement ( http://go.microsoft.com/?linkid=9739544 )
?? - Refund Policy ( http://create.msdn.com/resources/en-ww/MarketplaceRefundPolicies.pdf - dead link)
3230 - GeoTrust Code Signing Certificate Subscriber Terms
1931 - Xbox LIVE Indie Games game submission agreement
?? - Code of Conduct ( http://create.msdn.com/conduct - dead link)
And then to pay them money:
I didn't count the ToSs for Windows 7, Visual studio, Windows Live etc. I also didn't count every document referenced by another document, just some of them.
Edit: the http://create.msdn.com/termsofuse link is only dead until after you have an account. I still don't count it, because it wasn't something I could read before signing up.