Try disconnecting from the net altogether, maybe even turning off the modem (after having previously quit Limewire), then reactivate modem, then net hen Lime. That's what I do when I get this connection issue and it always works, although its somewhat annoying.

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

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