Try deleting LW's preferences folder when LW's properly closed. See point 3 here & also point 2 if you've used older versions of LW in the past (there could be a folder in either location).
Fixes for LimeWire
This will kill all of your settings within options, you'll have to go back through afterwards & reset things. If you're not sure of your settings, go through LW's tools > options & write them all down, so that you can reset things later.

You could probably update your Java as well. Use this version & download the JRE (Java Runtime Environment) offline installer. Remove any other old Javas before you install this one.
Archive: Download Java 2 Platform Standard Edition (J2SE) 5.0 Update 11