Now I'm not 100% sure if this will help you but bear with me
Are you using Java 1.6.0_1? Try uninstalling that Java version & reinstalling 1.5 update 11. Use the JRE offline installer here & remove your current Java version before you install the new one.
Java SE Downloads - Previous Release - JDK 5
If that's no help then delete LW's preferences folder when LW's properly closed. Check point 3 below (also point 2 if you've used a version of LW older than 4.9.34 in the past...you might have a prefs folder in either or both locations).
Fixes for LimeWire
Deleting that folder will kill all of your settings within options, you'll have to reset things afterwards