It should not be a problem provided you have the songs (or copies of the songs) in your iTunes folder. (Even this might not be necessary, but would be wise)

It is always a wise idea however to back up important files regularly, and especially before a software update.

A word of warning, which is slightly off topic but worth remembering. Do not ever attempt to delete files from your shared folders in the Limewire library as you will lose them. They will not go to the trash or recycle bin. If you want to stop sharing a folder, select stop share!

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