Try deleting LW's preference folder with LW completely shut down. Instructions in this thread points 2 & 3(check both locations):
Fixes for Limewire. This will reset all your option settings, so make a note of them first(if you can).
If that fails try uninstalling your current version of java while LW is completely shut down. Go to the add/remove programs control panel and uninstall all versions of java listed. Now download and install
J2SE Runtime Environment (JRE) 5.0 Update 11(use the offline installer):
Archive: Download Java 2 Platform Standard Edition (J2SE) 5.0 Update 11