Are you sure that you're running as UP? When in UP mode, you'll see upwards of 60 connections to peers & leaves in tools > advanced tools. And you'll see your connection status.
When you're running as a leaf, Pro connects you to 5 UPs automatically (basic connects to 3).
After you disabled UP capabilities, did you click 'ok' to save the change?

If you're definitely running as an UP & did click 'ok' after changing the option, delete LW's preferences folder when LW's properly closed. See point 3 here & also point 2 if you've used older versions of LW in the past (there could be a folder in either location).
Fixes for LimeWire
LimeWire Pref Folder in Vista
This will change all of your settings within LW's options... you'll have to go back through tools > options afterwards & reset things to your own preferences. Disable UP capabilities again & see whether things are ok now.

If that doesn't help, maybe it's a bug in the new version. You can report bugs or any issues with LW 5 at this other forum (click on link): LimeWire Forums
You'll need to register over there before you can post.

AFAIK, LW has a strict 'no refund' policy.
Frequently Asked Questions - LimeWire
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