Try uninstalling your current version of java while LW is completely shut down. Go to the add/remove programs control panel and uninstall your current version of java. Now download and install
J2SE Runtime Environment (JRE) 5.0 Update 11(use the offline installer):
Archive: Download Java 2 Platform Standard Edition (J2SE) 5.0 Update 11
If that fails try deleting LW's preference folder with LW completely shut down. See point 3 in this thread:
Fixes for Limewire. This will reset all your option settings, so make a note of them first.