The LW vm problem has been around for a couple of years. See
http://www.gnutellaforums.com/showthread.php?t=29871 for charts.
The LW devs and open source folks (like jum and rogerk) are aware and have tried to duplicate and narrow it.
I checked it again yesterday, and the vMem climbed up over 1.2 GB and turned my G4 iBook sluggish using java 1.4.2 and the SVN LW version.
However, I was surprised to see that switching to the betaPro4.11.0 and using java 1.5 (OS 10.4.6 allows setting which java to use in Utilities/Java), the vMem has remained below 1 GB after more than 18 hrs running as an UP.
So, if others can switch to java 1.5, see if that helps
LimeWire 21.80 %cpu 31threads 188.57 MB RAM 741.56 MB Virtual Memory