I'm not a windows user per se but may I suggest you defragment your hard disk drives. That always improves running efficiency. How much ram do you people have? LW shouldn't be labouring on your comp. Try updating your Java:
Java 1.4.2 (click on link) Also see this:
Limewire stuck my computer: responds very slowly
Everybody gets tricked into updating to SP2, but I can tell you it was designed for big companies that have major networks, & even for them it's caused headaches. There's no need for individual persons to use SP2. Just have a look at the SP2 threads around the forum to see the problems it's caused. (Search SP2) Or search SP2 on the net & see all the articles that discuss how you should not updte to it. lol But anyway, this might not be an issue for you in any case.