Windows 7 gadgets can do more than show the weather and keep you updated on the latest news. There are plenty of gadgets that are useful as system monitors that keep track of the resources Windows 7 is using.
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Windows Live Calendar Gadget will be a calendar desktop gadget primary developed for Windows 7. The purpose will be to display (only) events from public calendars on calendar.live.com but it would be capable to read any *.ics file.