did you install in the default location? i've had this prob with a few installers under X. they offer you a choice of where to install but if you install anywhere other than the root of your applications folder the prog won't launch.
i just installed limewire into a subfolder within apps and had the same prob as you. re-installed into the apps folder itself and it runs fine.
[note: you can't move it. you've got to re-install]
madra
http://www.madra.net