Most probably, these are not LimeWire issues, but issues within the WinXP kernel and one of your hardware drivers.
WinXP is a young OS, and has its own bugs, so that a bogous hardware driver may have their own internal resource leaks, such as interrupt handlers.
First check your graphics and IDE drivers, and your BIOS release, which are the most probable cause of internal OS hangs and blue screens. Many drivers have only been tested on Windows 2000, not on XP. Additionally, using a Windows 95 driver may raise these bugs. Using a Windows 2000 driver will solve most problems, if you don't have a certified driver for Windows XP. Also try to disable APM BIOS support which is not very well tested on laptops, because APM is best supported on notebooks.

I'm running XP on an HP notebook, and have never experienced any blue screen and reboot, but I have some on a Taiwanese laptop, probably due to a motherboard issue with asynchronous I/O. These bugs can occur in Office or even sometimes within the shell, even if LimeWire is not running.

So make sure that XP can run smoothly without LimeWire running, by testing it for a full night with just the screensaver. Check that the sleep/resume function works correctly without LimeWire running.
Finally check that you have the latest Java JRE installed (LimeWire provides you with a version of the Sun Java JRE, but you may uninstall it and install a newer version): some Windows XP issues are being solved by Sun, as some bugs are detected and patched in Java, or workarounds are included to solve some known XP bugs. Also check the Microsoft WindowsUpdate to get the latest service packs that solves bugs and security issues in XP.

For me, there is strictly no problem in LimeWire since version 1.8 and up to the current version 2.2.3 on Windows XP. If you had installed a previous version of LimeWire, use Adaware to remove old (now unsupported) ads-wares before reinstalling the latest LimeWire version. Don't upgrade LimeWire without first uninstalling it completely, as this won't remove now unsupported ads-wares.