Go to add/remove programs & remove your Java version. Now reinstall Java JRE using the offline installer (point 1 in the thread below)
Fixes for LimeWire
Delete LW's preferences folder (make sure LW's properly closed... look in task manager, before deleting the folder). That's points 2 & 3 in the thread above.
Reinstall LW using the offline installer
http://www.limewire.com/english/content/download.shtml
If that doesn't work, try changing compatibility to Win 2000 or NT... that's point 5 in the thread above.
See how you go with that