I can't freakin believe it, but it is a driver, and i found it.
Valus, do you have alcohol 120 installed ?
Azureus closes immeaditely after opening
After reading that again, maybe it's a problem with "AxShlex.dll" ? Grandpa had me steaming mad at drivers, so after removing Alcohol 120 Limewire now works, and I just suspected the virtual drive driver. Maybe not. But I'll sure look into this closer. I've been trying to get this to work forever without luck, until now.
Update:
Reinstalled Alcohol 120, but renamed "AxShlex.dll" to "AxShlex.dll.OLD".
My Limewire is still working. So, I've found what was killing it for me. Working fine now.