Update your Java. Use the JRE offline installer. Remove your current Java version before installing the new one. See point 1 below.
Fixes for LimeWire
Delete your LW preferences folder when LW's properly closed. That's points 2 & 3 above.
If that doesn't help, reinstall LW & make sure to use the offline installer (not the recommended one).
http://www.limewire.com/english/content/download.shtml
Try changing compatibility. That's point 5 in the first link.