I am running Imac OS X 10.2 Jauguar, and I can't open the mpeg files I download from Limewire. The quicktime player does not have software needed to open these files. Is there any solution or am I wasting my time.

PS: My downloads are fast enough for me and I get what I am looking for when I search, but those MPEG's have me about ready to uninstall and check somewhere else!!!!

There's a free program called Rosetta that fixes some problems with mpegs created on Windows systems. You can get it from versiontracker and try it out.
I have that problem, but only on a small percentage of files. If all of yours result in errors, you can troubleshoot your QuickTime installation at the Apple Support section online.