Try each of these one by one until one fixes it.
1. Go to the LW program folder & try opening the program directly. If it opens then delete the shortcuts & recreate them. If not open then see below.
2. Try deleting your LW Preferences folder whilst LW is closed; instructions here:
Fixes for Limewire
3. Change LW's compatibility mode to win 2k if you have win 2k or later (see instructions in above link.)