Sabby where the heck did you get your LW from? LW 4.8.1 has not been available from the official site for about 3 months. It sounds to me like you got yours from a scam site. You never know what virii, spyware, adware or other adjustments they've made to LW at scam sites. The official site is http://www.limewire.com/english/content/download.shtml & the new version is LW 4.9.29

It's also not healthy having 2 versions of LW on your computer. Particularly when they're totally different versions. LW 4.0.5 is very old & the way it works is different. It may well be clashing with the newer version when you try to launch it. I notice the GUI is not launching b/c of a file clash. Possibly one from the old version.