I have a PowerBook G4 Tiger v. 10.4.7. Everything with LimeWire was working fine until I updated to 4.12.3 basic.
Now it freezes about 10 minutes after running. Connection speeds are fine - everything is fine except it just locks up.
Java is the latest (1.5.0_6) Memory and virtual memory look okay. The imcomplete folder has been cleaned out of all excess files.

Any thoughts?

yeah, I got my versions backwards there.
OS X 10.4.7
LimeWire basic 4.12.3

Have you found a solution to the issue?
Still same problem for me even with latest java 1.5 update and alla files in lime wire preferences cat deleted...

I went to preferences in LimeWire and clicked on Restore Defaults. I lost all of my current downloads but it ran for about 3 hours or so - where before it wouldn't go more than 10 minutes.
I've started readjusting my preferences and since then it's started hanging again. Don't know if there's soemthing to that or not.

I don't really know what I'm doing here - I'm just trying things.