If you don't have many things to back-up I would suggest to take the time and format the HD and reinstall OSX. If you just updated to Panther without formatting it then maybe it might have kept the previous preferences and stuff along with whatever causes the problem for LW...

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

"Raise your can of Beer on high
And seal your fate forever
Our best years have passed us by
The Golden Age Of Leather"
-Blue Öyster Cult-