To launch a file, you select it from the LimeWire (LW) Library window & press the Launch button. With nothing selected, nothing will be launched. To find your downloads, select the Saved Files folder & select files within. You can also access this folder easily by selecting it & pressing the Explore button & this will open the folder up for you.
For playing videos, we normally recommend
VLC - (click on link) _ (choose nearest mirror site) because it is reliable & has in-built codecs which are mini program attachments the program uses to read & convert different formats to play them. Perhaps best if you make VLC your default player for videos (though it can also play most audio formats):
Setting Default video app
If you wish to preview a file that is downloading, it needs to be at least 5% downloaded.