1. Check options here to get the program working again:
Fixes for Limewire. But keep in mind, shortcuts sometimes lose functionality. So, go to the program folder & find LW program & see if it opens when you click it directly.
2. As for finding your downloads, for fast & easy access, go to your LW Library window, select Saved Files folder & press the Explore button. Sample image here:
Using Library Explore button to access downld folder (click on link) & the folder will open up for you.