Go to start menu > Programs > LW > Uninstall.

Downld this version Download ‘Other’ version & simply unzip & use!

If still problems, try step 5 in my 1st link about changing compatibility to windows 2000 or win NT, try both.
BTW your new prefs folder will now be found in the hidden application data folder.

It might also be worth doing a search after you uninstall LW. Search for limewire & see what turns up. There may be another version around somewhere that's the causing problems.