I presume you have the apple java fix that came out a few weeks back. I might suggest you make a note of all your LW settings & then delete your LW preferences whilst LW is closed. Hopefully that will set LW back up. LW preferences are found here: /Users/your_username/Library/Preferences/LimeWire

Also set your LW to shutdown to immediately. Go to LW's prefs>Shutdown.

After a software update if issues arise with programs it can sometimes be wise to do a safe start & repair permissions. See: SAFE Boot & Repair Permissions