If you're using Windows, it could be C:\Documents and Settings\your name\.limewire (if you've been using older versions)
or, the new location is C:\Documents and Settings\your name\Application Data\LimeWire. Remember it's a hidden folder, so you'll have to show hidden files & folders to see it.

If you're using a Mac, it should be in /Users/your_username/Library/Preferences/LimeWire

What's your connection like (how many green bars)?

If you delete that preferences folder, it will revert all your options settings back to default. You'll have to go back through & reset things afterwards, then you can change your answer regarding licenses if you want to.