Hi Thebiglad,
Just try deleting LW's preferences folder too...it's a good idea to do that after up_dating or upgrading LW. It might make no diff at all but it's worth a try
See point 3 below (also point 2, if you've used versions of LW older than 4.9.34 in the past). Make sure LW's properly closed before deleting the folder.
Fixes for LimeWire
Did you update your Java version? You could also try Java 1.6 & see if that makes any difference. Use the JRE offline installer & remove all your old Java versions before installing the new one.
http://java.sun.com/javase/downloads/index.jsp