Yes it is possible to take stuff off of limewire and put into folders.

To remove music from limewire and put into folders, double click of the music file but on the second click hold in on the left mouse button and drag and drop onto your desktop or into a folder(the drag and drop works with other files like videos,images,ect.). Antother way you can do this is to select a music file and click enqueue to add it to your mp3 playlist (you can do this with as many music files as you want to), than highlight all the music files in your mp3 playlist than click save as... and save it to a folder.

If you want to burn music from limewire to a cd go onto iTunes (if you have it) go under file>add file to library and open the music file and iTunes should have a burn cd option.

I hope this has helped