I personally dont like peerguardian. They block all kind of valid IP´s and is more a tool for anti-filesharers then for people that wanna be safe.
I have had multiple problems with their crew when something has been incorrectly blocked. They are not helpful and dont remove blocks, one could speculate on how much $ they get from RIAA and other organisations to block certain servers/IP´s...
I would use the best firewall there is!. My own brain!
No company is going to look for your ip and report it less because you have peerguardian that I can promise you. And no company will probably have the time and rescources to look for a small sharer in a big sea full of sharks. People tend to over-worry about the whole issue. Why dont we just block all that isnt ourselves then and hide in a bunker hehe. Nothing wrong with protecting yourself and being smart, but do it the old fashion way and use your brain and your intution. No machine or program will keep you safe. Except maybe your antivirus
Mty tips are:
Dont worry. Dont use suspect pages. Dont use peerguardian.
Edit:
Even if you dont think so, the windows firewall is great. Together with AVG its all you need. Just make sure your copyof windows is always updated with latest security patches and its the best firewall you can ever have!
Forget about the rest, they are just playing on peoples fears to sell complicated programs that dosame as win FW but looksnice and eats ram.