You can check what version you have, in limewire on the tool bar go to Help>About Limewire. More info here:
How to check what version of LW you have.
Be careful what you delete from LW. If you delete songs from the LW library they do not go to the recycle bin, they are deleted off your computer. You can unshare files in the LW library without deleting them, right click on the file or folder and click stop sharing. More info here:
DELETING FILES FROM LIMEWIRE LIBRARY-DON"T
The list of songs in itunes is a playlist and not the actual song file. They link to the song file(I think cause I don't have an ipod). So if you delete the song files in LW the songs won't play in itunes.
You should make another folder then copy & paste or drag & drop your files from LW into the new folder. Then you can delete the files from LW. You can access your shared folder from outside of LW. The default location is C\Documents and Settings\"your account name"\Shared.