Whenever I try to access my limewire folder I get a message saying "The shared library 'Mordecai's LimeWire Tunes' is not compatible with this version of iTunes.". It may be an issue with iTunes rather then LimeWire but I'm not sure at this moment in time. Has anyone else experienced this problem before? Or do any of you know a way I can fix this?

This has been discussed so so many times over recent months lol
Here's the most recent one: iTunes no longer compatible with LimeWire

Why bother about it, you don't need the shared library with LW. iTunes still imports the music if you use the normal techniques of adding music. How to transfer music to my iPod (& iTunes) {click on link}