I have the same exact problem!
internet connection? modem 56k v90
router? no
firewall? no
OS version? 10
limewire version? basic (just downloaded it today, so I assume the newest one)

Also, I am contected through AOL, but I'm using Explorer for a browser.
I had no problems installing, but when I press connect the light goes green for a second then goes back to red. Please help.