Try this suggestion:
http://www.gnutellaforums.com/348146-post7.html Perhaps not the identical problem but worth trying.
I would however suggest you download the Offline version (about 15 MB) for each, then use the Add/Remove Programs Control panel to remove all versions of Java. Run
Crap Cleaner. Then install the Java versions as required.
http://www.java.com/en/download/manual.jsp. You should reboot the computer after installing Java.
Your error additional suggestion:
http://www.appdeploy.com/msierrors/detail.asp?id=161
Might be worth using the Offline LW installer also:
http://www9.limewire.com/download/LimeWireWin-full.exe