I think you misunderstood me a bit. I don't mean your shared folder in LW. I mean where your shared folder is located on your hard drive.

In limewire's preferences (tools->options) go to the sharing tab. There ut should say where your shared folder is located (on your hard drive) For example: Macintosh HD/System folder/preferences/shared (not necessarily that exact path)

Now you know where all your mp3's are on your hard drive, so you can either just add to library in iTunes, and open the path where your shared folder is located (something like Macintosh HD/System folder/preferences/shared), or you can create an alias of your shared folder on the desktop. Not in LW, but in the finder. Then add to library.

Sorry I can't give you any screenshots right now, since I'm sitting on a windows machine, and LW for windows is full of spyware. Hope this is understandable

And no you do not need LW pro. The only difference between the free edition and pro edition is NOTHING, you only pay for LW pro to support the developers of LW.