Yes, you can just drag and drop limewire to the trash. It will leave the preferences file on the system but no biggie however if you want it all completely gone you can use App Zapper and it will get rid of everything in one easy shot. App Zapper is free. http://www.appzapper.com/
after youve trashed LimeWire from the Applications search for "limewire" in Finder's search and add the "System files - include" search parameter and click the "File Name" button. then trash the two LimeWire folders and the 2 LimeWire installer packages (you may only have one).