To see the license warning again, In LW go to Tools>Options>+Searching>Basic> tick "Show License Warning" then click apply. Then the next time you try to d/l something the license warning will pop-up.

You definetly don't want to share your whole hdd. In Tools>Options>Sharing it will show you the folders you are sharing. You can add or remove folders from there. There should just be 1, by default it's C:\Documents and Settings\"your account name"\shared. Unless you've added more.

What you share is up to you, you have to use your own judgment. I can't offer legal advice. What ever your comfortable with and what ever the law is where you live. I wouldn't worry to much about the freeloader thing.

Uploading is when somebody is getting a file from you. In LW click on the Monitor tab and it will show the files being uploaded from you.
Downloading is when your getting a file from someone else.

In the Library "Hits" just show the number of times one of your files showed up in someone elses search results. Under "uploads" It shows the number of succesful uploads vs number of attempted uploads (ex. 4 / 35)

I don't know what "Locations" means. I searched for it but could not find a good answer except one that said it wasn't important.

Incoming Searches show searches that may relate in some way to one of your shared files. I normally have this turned off. Click on this link to see what the user guide says: http://www.limewire.com/english/cont..._monitor.shtml

For an explanation of ultrapeer leaf node click on the link Difference between Leaf and Ultrapeer

A lot of answers to common questions can be found in the forum stickys(in red at the top of each forum), also you can search the forums using the search button(upper right of this page).

We all start out as newbies. Hope this helped.

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If it ain't broke, fix it till it is!