Hi ..long time no see.. now we know what you've been doing

Yes. In theory you can be tracked down from your unique ip number but I think you will be safe from presecution or prosecution for the sake of a few TV episodes lol
Isps generally care how much you use your connection and some are more keen than others to help the authorities track down p2p users who may be contravening coryright laws. Some limit or block p2p use others do not care.
(Limewire and Bittorrent are p2p applications)

Residents of the USA are the worst at risk, and in the UK things are tightening up, apparently.

I'm not sure of the exact situation in Australia, but Sharing and downloading a moderate number of files should not get you into serious trouble. sharing over a few hundred files and downloading huge ammouns might attract attention.

I hope this somewhat vague answer helps a bit.

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