Try deleting your preferences folder when LW's properly closed (check in Task Manager). See point 3 below & also point 2 if you've used much older versions of LW in the past...there might be a folder in either or both locations.
Fixes for LimeWire
This will kill all of your settings within options, you'll have to go back through & reset things afterwards.

Depending on what old version of Java you tried reinstalling...see if this version's any better. Reinstall Java & use the JRE offlilne installer for this version. Make sure to remove any old Java versions before you install this other one!
Java SE Downloads - Previous Release - JDK 5

If you're still stuck then change compatibility (point 5 in the 'fixes' thread).