I have read that to correct this problem one must uninstall limewire as well as the application data found in the users folder. I did this and still could not get a connection. So I tried something else...

Uninstall Limewire
I then did a search through all of my files for limewire (in the search box type in "limewire")
I deleted every file that had to do with limewire including GIF's and the rest of the junk that comes with the program.
After your computer is entirely Limewire free restart your computer.
Once restarted go to the Limewire offiial site and download limewire again.
Run the setup and WALLAH! I now have 5 green bars instead of the red.

Before doing this I tried everything else out and still had the connection problem. This is the only solution that worked for me and I hope it works for you as well. Good Luck!!