I was having a problem (that seems common) with LW, java, and video drivers. I installed limewire 4.10.3 on my new system and couldn't get it to run. The "tip of the day" would be a greyish red and my system would freeze. Other users posted fixes for the problem reguarding java 1.4 and setting your video drivers to an older version.
I played around with java and my video settings and it turns out it's just a small video setting.
If you have this problem, you do not need to install older versions of anything!!!. You need to rightclick the desktop, select "properties" and switch to the "settings" tab. Click "advanced" and find the tab with your video card driver settings. Switch the "Antialiasing settings" to "application controlled"
Note: this works for Nvidia drivers, not varified on ATI cards. I also do have the most recent Nvidia drivers (81.98) installed.
The java part, I am unsure of. I installed the 1.4 version of java just to be safe, but I will try the newer version and add to the post later with my results.
UPDATED 1-19-06: Limewire 4.10.3 does work with the newest java!
As long as you set the video settings as explained above.