Go here:
http://www3.limewire.com:6346/ & tell us what happens. Does it say Test page was a success?
Can you give us a total desciption of your set up: 1. OS version, 2. What firewalls you have, 3. ram, 4. HDD space available, 5. Connection type, 6. Modem & router brand name & model numbers, 7. Where are you trying to connect from (home, school, work, etc.)?
Have you configured all your firewalls to allow LW & Java total access:
http://www.limewire.com/english/content/firewalls.shtml