Look in Tools>Options.
In the Saving section - check this path is where you want to have your files saved to.
In the Sharing section - make this path point to where the files you want share are located.
The Library is a reflection of what is in your Shared folder on your hard drive. Just a tip - If you delete anything from your Library - you will delete it from your hard drive. Gone!! Oops!
The default for both is C:\Program Files\LimeWire\Shared
Good luck