Have you tried these suggestions: http://www.gnutellaforums.com/connec...t-connect.html
For Windows 7, I think LW might be best set to run as admin. also. Though I think Java is the most important item for that setting.

I noticed you originally posted here after trying LW 5.5.16. LimeWire Pirate Edition always works better after a clean install. What this means is, you uninstall the previous version of LW, delete the LW preferences folder. Then install LPE. Such as using this technique: Re-installation Technique for both LimeWire and Java for Windows.

* Note: up to this time, LPE does not seem to work with Java 1.7. We shall see what happens with later Java 1.7 releases once it becomes the standard Java download version. (This might be a simple case of LPE being set to use java 1.6 only and not 1.6+.)

Occasionally I have same connection issue. I find it eventually connects by itself in most cases. If not, I replace the connection file.
I may also try enabling or disabling ultrapeer abilities in advanced settings. Only takes effect after a restart of LPE.