Since the older Java didn't do the trick for you, try using the very latest update instead. Go to this site & downoad the JRE (Java Runtime Environment) offline installer.
Java SE Downloads
Don't install the new Java yet.
Once that installer is downloaded to your computer, go to Control Panel > Add/Remove Programs & remove any Java versions that you have there. Restart your computer.
Now install the Java version that you've just downloaded. Once that's installed, restart your computer again.
Deleting LW's preferences folder will change all of the settings within LW's options (speed, max number of downloads, down/upload bandwidth etc etc). If you're not too sure of your settings, go to LW's tools > options & make a note of how everything's set, so that you can reset things later.
You might have 2 preferences folders - one named .limewire & one named LimeWire. Sometimes there are 2 folders, because different versions of LW have the folder in different locations.
1. Make sure that LW is closed properly by opening task manager (ctrl/alt/del) & see if there's a LW process running. If there is, end that process.
2. Go to Control Panel, double click on Folder Options & then click on the View tab. Make sure there's a dot in the radio button next to 'Show hidden files and folders' then click Apply & click OK.
3. Now go to Start > click on My Computer > double click on C drive > double click on the folder with your username > double click on Shared. Once you're in the Shared folder, look for a folder named .limewire & if you have a folder named .limewire, delete that whole folder. If you don't have a folder named .limewire then that's ok. Close all windows that you have open.
4. Go back to Start > click on My Computer > double click on C drive > double click on Documents and Settings > double click on the folder with your username > double click on Application Data. Once you're in the Application Data, look for a folder named LimeWire (there's no dot in front of this one & the letters aren't all lower case). Delete that whole folder named LimeWire. Close all windows that you have open.
5. Restart your computer. This isn't always necessary, but just to be on the safe side...do it now anyway.
6. Start up LW & see whether it will connect. If LW connects, you're all done & you can go back through tools > options & set everything there to the way you like it.