Try to delete the previous version maually by going START>Programs>Limewire>Uninstall. Do not use the Control Panel>Remove Programs function.
Make sure that LW is completely closed, i.e. also in the system tray.
Using ctrl&alt + Delete one time to open the Task Manager and looking under Processes to see if there is a limeiwre.exe process running. If so, force it to end prior to uninstalling LW.