Hi
I had exactly the same problems.
Try to check which version of jre/java
you are actualla using (open a shell window,
and type
java -version
and
jre -version

Probably the output looks something like
java version "1.1.8"
Illegal option: -version
Java(tm) Runtime Loader Version 1.1.8
or
java(TM) 2 Runtime Environment, Standard Edition (build 1.3.0)
Classic VM (build 1.3.0, J2RE 1.3.0 IBM build cx130-20010626 (JIT enabled: jitc))

My solution was to install the jdk1.3.1_01 from
SUN.
Afterwards, you need to adjust the PATH-Variable
to have the new jdk1.3.1_01 in front of the others.
Type in a shell-window:
cd
PATH=/usr/lib/jdk1.3.1_01/jre/bin;export PATH;./LimeWire/LimeWire18-c

Hope that helps!