Try pressing the space bar...that's moved things along for some people!

Or reinstall Java & LW again. Start off by using the offline JRE installer here
http://java.sun.com/javase/downloads/index.jsp
Go to add/remove programs & remove your current Java version before installing the new one.

Next, reinstall LW & make sure to also use it's offline installer
http://www.limewire.com/english/content/download.shtml