Try deleting LW's preferences folder (make sure LW's properly closed first). Points 2 & 3 below tell you how
Fixes for LimeWire

Within LW, go tools > options > saving. That will show you the location of your saved folder & you can change the location from here if you like. By default it's C:\Documents and Settings\your name\Shared.
Deleting the preferences should set things back to default...see how you go after that.