Try these fixes and make sure you use the offline installers for both...
Uninstall your Java from the add/remove programs and then re-install the JRE 5.12 offline version....(4th one down)
Java SE Downloads - Previous Release - JDK 5
Then uninstall Limewire using the uninstaller which is found in start > all programs > limewire...then re-install it using the offline installer...
LimeWire: The Official Site for the Fastest File Sharing Program on the Planet
If that does not help with your problem try deleting your preference folder...
Fixes for Limewire when LW isn't operating as it should