When files turn Red it just means that there not being shared, if you right click on the files you will see the option to start sharing them, hopefully they will then turn back up in itunes (i'm not to sure why they dissapeared from there)...

Just download LW again it will automatically over ride the previous version and you wont loose your files...OR....
You can unistall LW without losing your files as well, but make sure you use the LW unistaller which is found in your Start > All Programs > Limewire...
Dont unistall it from your Add/Remove programs....

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You die for nothing...