It works!

Running Windows XP (Pro)
Limewire Version 3.6.15 (Basic)

Basically what I did was:

1) Exited Limewire, and then closed down its icon in the bottom-right task bar.

2) Opened My Computer\C:\Documents and Settings\(*username's folder here; NOT the one that says All Users*)\

3) Deleted the .limewire folder

4) Reopened the Limewire application, and ya know what, I could not be more glad to see that green light once more!

THanks you Sdaswani