Updating my post (to help others with this issue hopefully).
Uninstalled Microsoft Office 2007 Ultimate and now Limewire 4.16.7 works just fine!!?? I was able to complete the setup and all looks good.
So..... what the fig is going on with Office 2007 that is is having a "domestic" with LimeWire?
My methodical approach will be to download the various components of Office 2007 sperately (ie one-at -a-time) and try to see which one stuffs up LimeWire.
Will keep on updating as I discover more.
Bye for now,
Jimbo