Try deleting LW's preferences folder when LW's properly closed. See point 3 here (also point 2 if you've used much older versions of LW in the past).
Fixes for LimeWire
Deleting that folder will kill all of your settings within options, you'll have to go back through afterwards & reset things to the way you like them

Also try changing compatibility, that's point 5 of the link above.

If you're using any antispyware,make sure that LW's on the exceptions/allowed list.