Final answer:
The limbic system is primarily responsible for processing emotional responses, forming long-term memories, and experiencing pleasure and reward, but not for regulating basic bodily functions.
Step-by-step explanation:
The limbic system is primarily responsible for processing emotional responses, forming long-term memories, experiencing pleasure and reward. However, it is not primarily responsible for regulating basic bodily functions. Basic bodily functions are controlled by other systems of the body, such as the autonomic nervous system and endocrine system.