Ok ...I have put my head together with another forum member and we have come up with this...

Try unistalling limewire and installing the Beta version http://www7.limewire.com/beta/LimeWireWin.exe it's an excellent version I use it myself...

Now download the VLC media player http://www.videolan.org/vlc/ it's an excellent media player....
Make the VLC player your default player...
Go to your shared folder (outside of Limewire) you will find this folder by clicking on one of your files in your LW library and clicking explore...

Right click on one of your movie files
Select open with
Select choose program
select VLC
and tick the box that says always use this program to open this file type
Select OK

You also might want to do it with your MP3 files as well ( I use itunes)...

Now go and try to open a movie file with the VLC player and an MP3 file with itunes and see if you still get the error message...

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You die for nothing...