Do you see no connections at all or failing connections?
if it's no connections at all, you can try restarting phex. It checks a phex-specific gwebcache about every second startup.
also you can try hitting thheh "connect" button among the buttons at the top of the window. When phex detects, that it has no internet-connections, it stops trying to connect.
I createt a feature request to include a pop up telling you when phex realizes it has no internet-connection:
http://www.gnutellaforums.com/showth...908#post247908