VLC Media Player is what alot of users choose for working along side of LimeWire, (Click on link at bottom of page) it has most all of the codecs you will need,built in.
For Video & Audio + its Free. After install simply go to Library window in LimeWire, Highlite a file, then press Explore in the bottom left corner.This will
take you to your shared folder.right click on a file choose, OPEN WITH then
click on Choose Program, Highlight VLC player Then TICK the box always use the selected program to open this kind of file. Job Done.
Any probs just shout.
http://www.videolan.org/vlc/