Did you use the offine installer for Java?
Try Java 1.6. Use the offline installer & remove your current Java version before you install the new one.
http://java.sun.com/javase/downloads/index.jsp

Delete LW's preferences folder when LW's properly closed. See points 2 & 3 below.
Fixes for LimeWire

You could also try changing compatibility & see if that makes any difference (might not), that's point 5 above.

Do you use any antispyware or security programs? Some will see LW as a threat(it's not). Make sure that LW's on the list of exceptions/allowed apps.
Or, as a test, disable any antispyware type programs & then see if LW will open more than once.