Sound like LW might be having trouble loading all the files into your library.

In LW go tools > options > My Library. How many folders in your Library??

When you went through LW's setup wizard, there was an option where you could choose which folders were added to My Library... the default folders to add are My Documents and your Desktop... if you chose to add those folders to your library & you have heaps of files in those folders, it could take ages for LW to add all of those files

Personally, I wouldn't choose to add the default folders - even if those folders aren't shared, do you really need all of their files in your library?? Just my opinion

If you want to change which folders are added to your library, see the thread below. Try removing folders from your library & see whether LW stops getting stuck 'loading'.
LimeWire 5 - Adding folders to library, sharing/unsharing files, removing folders - Windows.