I performed the tests you advised me to; here are the results:

ADSL result: Down at 582 Kbps (72.8 KB/sec)
Up at 351 Kbps (43.9 KB/sec)

T1 shopper result:
Down at 1841 Kbps
Up at 352 Kbps

I have already contacted my ISP inquiring as to the p2p port to which they advised me that they did not have any blocks or filters in place.

Edit: Limewire is permitted access through Norton, I have also tried accessing LW with Norton disabled with no effect.

I will check on the router using Upnp and look into port forwarding and advise of the results.

Regarding the LW preferneces folder, I deleted the .limewire folder in my documents, is that the one you are referring to? I didn't see one that said 'preferences' specifically.

My modem is ethernet and set up accordingly. I am going to try editing the settings on my router to see if it helps, but I have already tried making the connection without the router (Modem directly to computer) and had no improvements but I'll give it a shot anyway. I'll let you know what happens asap.