Did you recently update Java? http://www.gnutellaforums.com/genera...ting-java.html
If you are running Java 7, with the newest update you need to install the 32-bit Java last. You can simply re-install the 32-bit Java 7 and LW will go back to normal and use it's old settings. Direct download link to the Offline installer for 32-bit Java 7 "here".

This sounds like what has happened since your shares are showing as zero and the connection is null. ie: LW changed its location for preferences settings folder and calls it .limewire

I tested this a week ago and same story.

oh, sorry my bold text looks a little strange lol.

If you are instead using Java 6 then let me know. BTW the Oracle site's link to Java 6 64-bit Java is the Java 7 version. I don't like how their website works these days.