The LimeWire playlist that shows in iTunes is simply a reflection of what music files you have downloaded & are sitting in your download folder. So check that folder to be sure. ie: Go to your LW Library window, select Saved Files folder & press the Explore button. Sample image here:
Using Library Explore button to access downld folder (click on link) & the folder will open up for you. You'll see if the same files are there that are in the playlist or not.