What is m speed
 

Lime Wire asks for my speed: I have Broadband is this DSL, T1 or other please?

Whatever suits you :D
It isn't that important, I would choose Cable/dsl or T1

56k is modem
dsl is like broadband
t1 is like what a school would use

All these categories are a fairly broad generalisation. eg: broadband & cable can cover a wide span of speeds. I'm at the bottom end of broadband (adsl) so I set mine to modem so it gives me more upload control. When I had it set to dsl/cable, I couldn't browse at the same time. adsl & dsl are different. But it's up to one's particular speeds & one's particular needs I guess. Oh & T3 connections are potentially faster than T1. That's if you all into that true speed category. But as RaaF said it's up to you.

Broadband starts technically at 600bit/s (0.073kb/s). ;)

Select you speed based on your max upload speed unless you have a symmetric connection with equivalent upload and download speeds (e.g. ISDN, SDSL).

In LimeWire are the speeds assigned as follows:

Modem = 56kbit/s
Cable/DSL = 350kbit/s
T1 = 1000kbit/s (~1MBit/s)
T3 = 3000kbit/s (~3MBit/s)

ahar, so I am wise to set to modem then; with 260 & 60 odd kbps. That's a good reference rkapsi!

how do i change my speed
 

I just downloaded limewire, a few days ago, and i wasn't quite paying enough attention and I set my speed to modem, but i have cable. So I was wondering if A- it really makes a big difference, and B- If it does how do I change my speed?

Reduce the speed for either or both uploads & downloads below 100% & you'll see that the speed options probably won't suit you. It would be too limiting for you. Even I have that problem if I reduce my maximum downld bandwidth below 100%.