Just tried this experiment myself and the OP is correct in that pest-patrol reports hundreds of spyware items after and install of LimeWire 3.8.6 on a clean windows PC. However, the fault's with Pest Patrol. It iss marking any file with "limewire" in its name or path as suspected spyware. Even an empty directory named "limewire" on a clean PC is picked up by the tool.

Probably best to avoid Pest Patrol, it looks to be buggy.

Better items of software for checking for spyware and adware are:

Lavasoft Ad-Aware
Spybot Search & Destroy
SpywareBlaster