Try updating your Java. Use the JRE offline installer here
http://java.sun.com/javase/downloads/index_jdk5.jsp
Remove your current Java version before you install the new one.

Otherwise, delete the LW preferences folder when LW's closed. See points 2 & 3 below (point 3 for later versions). This will kill all of your settings within options, so you'll have to go through & reset everything afterwards
Fixes for LimeWire