Yes.
For a PC version, go to Tools->Options and you'll be able to click "Ignore adult content" under the Filter section. You can also put in specific words that LW will use as criteria to ignore future results during searches.
Of course, the kids will be able to come back and reset the default preferences anytime, but still...
Others may come in to post other ways to shield your children from adult files that I didn't care to find out.
Oh, and for a Mac do all or the above steps, but instead go to Limewire->Preferences.

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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

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-