Try updating your Java to 1.5, see link above in Fixes...
I'd certainly hope you got heaps more than 64 MB ram. lol

When you open LW, wait some time for it to load. Then if it won't connect, go to File>Disconnect. Wait a minute & go File>Connect

I notice you'er using a proxy, do you use a proxy with LW?

Do this simple test for us. Using your browser go here: http://www3.limewire.com:6346/ The page should say ‘Test Page was a Success’. What happens when you go there?