If it's a recent version of LW, the preferences folder won't be called .limewire any more. See the link below (point 3) for the new location & how to delete the folder
Fixes for LimeWire
I'd also try point 1 there - reinstalling Java JRE using the offline installer. Remove your old version first.
You could also try changing compatibility (point 5) to Win 2000 or NT