Keep in mind XP has its own firewall. See the link 2nd from top of my 1st post about configuring it to allow LW full access (even if you did disable it!) Delete your LW preferences folder whilst LW is closed; instructions here:
Fixes for Limewire
Now go to LW's menu Tools>Options>Advanced>Firewalls & make sure UPnP is ticked. This will 'hopefully' overcome SP2 issues.
Note the MS Antispyware I think has been updated. Previously it detected LW as being or containing spyware. It may have done damage to LW. So make sure it's the most up-to-date version.
When you open LW give it some time to connect. If it doesn't connect after 20 mins, go to Tools>Options>Connections & untick option for Connect on startup & press the Apply button. Then go to LW's menu File>Disconnect. Wait a minute. Then File>Connect. Wait some time to see how it goes.
If it still fails, try re-installing Java. Link in above link on fixes for LW. If still doesn't work after this get back to us.