strait up answer (legality)
 

Is it or is it not illegal to download songs from limewire and can you be sued millions of dollars for doing it?

It depends on whether the files are copyrighted or not. In some places, it's illegal to download &/or upload copyrighted material.

Use the forum search to look for legal, legality or something similar...there are heaps of threads discussing this:p

If you don't know your local laws regarding copyright infringement, use Google to look for more info.