No don't use the control panel to remove LW. That will cause problems. The way to uninstall LW is Start menu >Programs>LW>Uninstall. Else, reinstalling will remove the previous version at the beginning of the installation process.

BTW if LW stops running, the 1st thing to try is deleting the LW preferences folder; Point #2 & 3 in Fixes for Limewire (sample image included at bottom of page.)