Yeah - same here. I had 3.4.4 PRO, bought the 3.5.8 update, downloaded it , followed the instructions from the virtual; disk (drag new Limewire folder to Mac HD) and then clicked on the new Limewire icon. Result - freeze on 'loading core components".
Tried placing the new 3.5.8 application ficon inside the existing 3.4.4. Limewire folder inside Applicatons - same result.
Earlier tried uninstalling existing Limewire components - then installing 3.5.8 - that didn't work either.
It looks to me as if the update is incomplete in some way. I wish someone from Limewire would actually talk to us about this....