Well that's a start. The answer is actually within that thread link I gave you. Chances are it will be Java. But the question is which Java to reinstall. Installing Java over the net can cause problems which is why we often suggest to reinstall it using the "Offline" standalone installer. Check step 1 at the top of that page.

Here's another option: http://docs.info.apple.com/article.html?artnum=301380

i re-installed java and also followed what the page (you gave me the link for) told me to do at the terminal and the icon still bounces at the bottom before disappearing

Hmm it's annoying. I've had it happen but not with LW. For many people it tends to happen after OS updates. Well ... I guess there's the option of reinstalling the OS updates. This is going to be hit & miss if you're willing:

1. See QuickTime 7.0.4 bug stops LimeWire from opening!

2. Security Update

3. Java update fixer

4. 10.3.9 Combo installer

5. If all else fails, try using the Jum build which is a custom beta version of LW; try the nightly build! No installation necessary!

thank you so much, it started to work after the securtiy update when I DIDNT restart the computer afterwards. Not sure why, but hey its working so I am not asking questions. Thank you once again :-)