It may be a conflict with your graphics card setting or driver. See http://www.gnutellaforums.com/windows/39600-lw-loading-blank-how-i-fixed.html

Or try deleting your .limewire preferences folder. Points 2. and 3. while limewire is closed: Fixes for Limewire when LW isn't operating as it should!

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If it ain't broke, fix it till it is!