It sounds to me like either a java bug or your LW preferences are up the putt. Try steps 1-3 here
Fixes for Limewire But, make a note of all your settings because after deleting your LW prefs folder, you'll need to reset all your options when you re-open LW. It may be worth updating your Java using the "Offline" Java installer. There is a slightly later version of Java than the one you're using. Java 1.5_6 I think.