Hi there all,
I have the same problem, the connection is 0. I'm behind the D-Link router but seems this is not the issue coz I don't have problem with other Gnutella clients.
The connection status is error, connect timed out.
My address written 127.0.0.1:40209.
Have the version 3.2.
I really appreciate it.
Thanks.

Who is your Internet Service Provider (ISP) ?
Sounds to me like your connection ports are blocked. Have you checked both your software firewall to allow exception for Phex? Is your D-Link port forwarded or running under UPnP?

http://www3.limewire.com:6346/ if it times out then it means that port 6346 is blocked, either by your router or by your ISP. Options are to connecting to a higher untaken port such as one between 49152 to 65535.

I tried again and now connected, I did no changes. (guess another mystery of life) Hurray!
BTW, i'm not behind any firewalls.

Thanks all,

Dear Lord of The Ring,
Just noticed that there's changing on my IP address. It was 127.0.0.1, now it's different. But the port number still the same.