2 suggestions. 1. Try deleting your LW Preferences folder whilst LW is closed; instructions here:
Fixes for Limewire & 2. Reinstall Java 1.5 at the previous link (ie: Save the Java installer to your computer!) But reboot before starting up LW. After opening LW, leave it for 20 to 30 mins & the see how it is. You can also go to menu File>Connect/Disconnect.