I don't know how to explain it any simpler. It seem pretty straight forward to me.

[Quote]
c) Now that you know a couple of things about your connection, it's time to get to configuring. The first step is to launch Limewire (duh). With Limewire launched, a Windoze user must go to Tools->Options while an OSX user will click Limewire->Preferences (for OS9 I heard it's Limewire->Options)
On the list to the left of the Preferences/Options window, click on Uploads, then Basic. If you know your upload speed (which you should), then drag the Upload Bandwidth meter so that it matches it. Done? Good. Now drag it down a little more, around -5 or so of your Upload bandwidth. Trust me. Just do it.

d) Now click Slots. I've personally set the uploads per person to 3, but anyway: the max upload slots should be decreased a bit as if you don't have enough bandwidth to satisfy all the demands, you'll end up queueing a lot of people and probably wasting your own bandwidth too.

e) Click Speed and make sure you've set the right speed (don't do things like setting it to T1 while you're on modem: it won't make you any faster).

f) Now for the good stuff: this will make you feel more like you're really fine tuning Limewire for better performance (despite the fact that the rest is probably just as important). Click Downloads. See the "Maximum number of simultaneous downloads"? You're gonna have to play around with that a little.
I don't know about others, but I thought at first that this was the number of active downloads (meaning the number of download slots in the "Downloads" window) I could have up at the same time. Well, it's not. This number determines the maximum amount of downloads you can have at the same time, but regardless of wether it's for the same file or not.
So, if you're on a broad-band connection, increase this number a little. Be careful: a little is really a little, meaning that you must increase this number by 1 or maybe 2. Increasing it too much (i.e directly setting this to 100) can have the opposite effect, as your Limewire will try to connect to more hosts than your bandwidth can handle. What you have to do is find a popular file (read: "a file with many sources") and download that. Remember the speed you downloaded it with.
Return to the Download preferences: if the speed you saw was near your max upload bandwidth then click Apply and be happy, 'cause you're done here. If on the other hand it isn't, increase the number again by 1 or 2 and click Apply. Delete the download the re-download it.
Lather, rinse, repeat as needed.

IMPORTANT:
-Don't think that setting upload speed too low or completely disabling uploading won't affect your speeds, 'cause it will.
-Remember to be patient with the last step as going too fast might result in setting the number too high, which would have the opposite effect.
-DON'T forget to click 'Apply': every time you change something and are pretty confident that what you did was right, then click Apply. Don't forget it.