Datul Hi
In a word NO, its java that no longer supports very old versions.
OK friend.

Follow these instructions exactly.
So, you need to Go, Start/All Programs/LimeWire n Uninstall all L/W versions.
Do Not Uninstall From Change or Remove Programs.
Re BOOT Your computer NOW.

Now Go to, Start/Search/click on all files n folders/more advanced options/
& make sure, case sensitive, is not ticked. (all other boxes should be ticked)
Now!!, Put limewire in box, (all or part of file name) & click search.
Delete everything found, including Prefetch folder, (I mean everything)
Re BOOT Your computer NOW.

Now! Go to,
START/Set Program Access/Change or Remove Programs,
now completely remove all versions of java.
Re BOOT Your computer NOW.

Now! Use this Link to get (jre-6u1-windows-i586-p-iftw.exe) Use the off line installer, NOT the (recommended) one,
http://java.sun.com/javase/downloads/index.jsp
When Download is completed.
Disconnect from internet, close ALL apps n reinstall java.

Now!! Use this link to download latest L/W version using the off line installer
http://www.limewire.com/
If you need help, Shout, If it fixed your problem or not, Feedback helps others.
Peace

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mickjapa108