Update your Java using the offline JRE installer (point 1 below)
Fixes for LimeWire
Go to add/remove programs & remove the current version before you install the new one.

Now delete LW's preferences folder (points 2 & 3 above). Check in task manager to make sure LW's properly closed first.

Now reinstall LW using it's offline installer.
http://www.limewire.com/english/content/download.shtml

Try it that way, even if you've tried reinstalling before