Try using this utility to help clean your system:
CCleaner - Home
McAffee & XP firewall do not work well together. Delete your XP firewall rule for LW & redo it.
Windows Firewall - LimeWire. Then try running LW again. Give it a good 20 mins to try to connect.
If no good then: Try installing
FrostWire (click on link) & try running FW to see if that runs. If yes, then close it & run LW.
If still problems, can you supply these details:
System details - help us to help you (click on blue link)