Could be several things. For one I'd recommend uninstalling LW and all Java versions on your system. Reboot and then download the JRE offline installer of the newest Java version from here:
http://java.sun.com/j2se/1.5.0/download.jsp
Install it and reboot again, then reinstall LW.
If that doesn't solve the problem, try to delete the LW preference folder. Read here on how to delete this folder (Point #2 & 3 in Fixes for Limewire)
http://www.gnutellaforums.com/showth...threadid=36420
Afterwards reboot your computer.
And last but not least (you might try this as the very first), changing the compatibility mode by right clicking the LW icon on the desktop, going to Properties, choosing Compatibility and change the mode to Windows NT (or Windows 2000).