Wow - simply unbelievable!
Tried the fix that BasRuiter posted under 
Vista + McAfee 2007 + LimeWire = dropping connection and it WORKED!!! I feel so relieved...how do I thank you two??? This is great! 
Here is what fixed my problem:
 
To narrow down where the issue lies, could you try the following: 
- click Start
- click Run
- type: services.msc
- click OK
- right-click on the McAfee Redirector service
- click Stop
- try LimeWire again to see if the issue still occurs 
Note: don't forget to Start the service again after testing (or reboot the PC). 
I am so happy now, thanks!