Start again.
Download the latest Java JRE using the offline installer below
http://java.sun.com/javase/downloads/index.jsp
Now go to add/remove programs & remove your current Java. Restart your computer. Install the new update that you've just downloaded. Restart your computer again.

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

Now delete LW's preferences folder...point 3 below tells you how. Make sure to show hidden files & folders, or you won't be able to see the file to delete it.
Fixes for LimeWire

Now last thing...reinstall LW basic that you just downloaded.

If that doesn't help, try changing compatibility (point 5 of the fixes thread tells you how).

Next time, if you want to use Pro...bite the bullet & pay the $18.88. That way, you'll get a nice clean version which should work