The newest Limewire is VERY messed up, and trying to see your downloaded files inside it in the "Library" tab is not working for some unknown reason. I am quite upset about it, but redownloading, etc. - nothing fixes it. So, I assume Gutnella changed something that messed it up.
RE: your "Saved" and "Shared" files. The newest version of Limewire has done away with the seperate "Shared" folder under your user name in Documents & settings. Your must open "My Documents" under your user name, and you will now see a 'Limewire" folder. Inside that is where the new "Saved," "Shared", "Incomplete" and one other folder are now all located. Limewire has also changed the path in its "configure" or "Options" setting under "Tools" in the upper-left drop-down menu.
All your old dowloaded files should still be in the previous, separate "Shared" and "Incomplete" (if applicable) folders created by the previous versions of Limewire. I opened those old folders, and found all my downloads, and simply highlighted all of them, and moved them to the new "Saved" folder inside the new "Limewire" folder in "My Documents." I then did the same thing with the old "Incomplete" folder - highlighted and moved those files to the new "Incompolete" folder inside the new "Limewire" folder in "My Documents." After I saw that I had successfully moved all my files over - by opening "My Documents" and the going into the "Limewire" folder and seeing them in the new "Saved" folder in there, I just deleted the old, seperate "Shared" and "Incomplete" folders, now empty.
But no matter what folder you click on in the left-hand side foldersd inder the Library tab in Limewire (Audio, Video, etc.), you can't see your saved downloaded files inside the newest Limewire window pane as you always used to.
For me, there's just a blank beige box instead of that window with a "Configure" button in the middle of it.
I did discover that, I you happen to have a super-human memory and can remember all of the names of each and every files in your "Saved" folder, you can type a particular file name into the "Search" bar above the large, beige center window under the "Library" tab, and you will see your file, or files, for whatever you happened to remember from your list of saved files that you entered into the search bar.
Otherwise, until Gutnella gets the hint and corrects this problem with its newest version, you just have to open "My Documents" and go into the "Limewire" folder, then into the "Saved" folder, and you'll see all of your old tracks/files you moved from the old, seperate "Shared" folder, and you'll just have to double-click on what you want to play (they'll all be mish-mashed together - audio, video, programs, software, etc.) to open it from directly inside the new "Saved" folder and hope it opens in whatever default media player you have installed on your PC.

Try and say all of that three times fast!