Update your Java. Use the JRE offline installer. Remove your current version of Java before you install the new one.
http://java.sun.com/javase/downloads/index.jsp
Also, delete LW's preferences folder when LW's closed. See points 2 & 3 below for instructions. Check to see whether you have a folder in both locations
Fixes for LimeWire
This will kill all of your settings within options, you'll have to go back thru & reset things afterwards.