Update your Java. Use the JRE offline installer & remove your current Java version before you install the new one.
http://java.sun.com/javase/downloads/index_jdk5.jsp
Now delete your LW preferences folder when LW is properly closed (see points 2 & 3 below).
Fixes for LimeWire
After that, reinstall LW & make sure to use the offline installer (not the recommended one).
http://www.limewire.com/english/content/download.shtml Don't post your question more than once, please.