I fixed it.
I know probably few people care, but just in case it happens to you, do this:
1- Uninstall uTorrent (check Documents and Settings, go to C: drive or similar, then Owner or similar, then Application Data which defaults to hidden -- you'll have to change that in the folder options, then finally delete all the uTorrent files); then reinstall
2- Uninstall PeerGuardian2 (the folder in Programme Files does not fully delete, so manually do so); do not reinstall yet
3- Unplug your cable modem/router for 24 hours
4- If you STILL don't have a dynamically assigned new IP do this:
a. Go to Start, Run, cmd, ipconfig/release
b. Disconnect the plug both from the electrical outlet and ethernet cable from the computer
c. Reconnect it
d. Allow it to bring up a new IP
e. Check it under Start, All Programmes, Control Panel, Network Connections, Local Area Connection or similar, Enable or Repair if needed
You should obviously add port exceptions for uT and PG2 to Windows Firewall or any other firewall you have. I have McAfee and Windows running simultaneously, which is not recommended, but I've never had any conflicts.
5- Lastly, if you're using PeerGuardian2, when reinstalling the programming disable "Edu/Educational" from your allowed lists. There apparently is a conflict, as read via Wikipedia. You can add it later but not BEFORE installation.
You are good to go.
Pugwash, I'm coming after your job, watch yer back!
Oh. What am I downloading now? Why Mythbusters: The MacGuyver Edition, of course!