Delete LW's preferences folder when LW's properly closed. See points 2 & 3 below (if you've used older versions of LW you could have a folder in either location, so check both).
Fixes for LimeWire
This will kill all of your settings within options. Providing LW opens, you'll have to go back through & reset things afterwards

Also try changing compatibility (point 5 above).

Are you using any anytispyware? Some have been known to cause probs for LW, so make sure LW's on the list of exceptions/allowed apps for any antispyware.

If none of that works, reinstall Java. Use the JRE offline installer & remove your current Java version before installing the new one (see point 1 above).