See if either steps #1 or 2 help here
Fixes for Limewire (if you already have Java 1.5, reinstall it using the "Offline" installer. If that doesn't fix it, uninstall Java 1.5 & try 1.4.2 instead.)
Another thing to try, LW's menu bar, Tools>Options>iTunes>Sharing & disable iTunes sharing abilities. It might also be worth checking Disable Ultrapeer Capabilities under the Speed option.