I've been searching the web, this and other help forums... all resources available in order to resolve this issue:

LimeWire loads including core components opens up and shuts down immediately leaving behind a tray icon. Putting a mouse pointer over it makes the icon disappear.

I have gone through all exercises incl. reinstalling LW, Java, removing Alcohol120 drivers, disabling other virtual drives, cleaning registry, removing Limewire prefs folder, removing QuickTime... you name it, I've done it... to no avail. My disappointment was tremendous as LW has worked flawlessly and all of a sudden I was unable to use it anymore.
I've seen tons of posts regarding this behavior but no solution provided was working. Took me 2 days, on and off, to complete all the steps several times over but nothing has changed.
I gave up on LW and searched for other alternatives and came across FrostWire. The installation went smooth and to my surprise I've noticed that FrostWire is almost identical to LimeWire... so how come this installation worked...??? It seems to be Java based as well... looks the same...

well it gave me an idea to try:

installation of Limewire to a different folder, I chose the obvious... "Program Files/Limewire2".
Guess what... worked like a charm.

Both FrostWire and LimeWire work happily and after some small changes to shared resources (folders) there's no chance they can collide.

This is my first post to LimeWire forum, perhaps also the last. My issue is resolved and hope that by posting this "FIX" I can make someone do better things then spend hours troubleshooting LW.
My suggestion is simple: if your Java seems OK (like it was before...) and tests OK... (Java.com - verify installation) try the installation of LW to a different folder first. No doubt that in my case LimeWire has corrupted something, probably in the registry, and until you change the installation folder this setting will be automatically incorporated in a new install. There is no LimeWire regclean utility. The result is, most likely, that LW looks for Java components in all the wrong places.

I hope it works for you too.

errors I was getting:
access violation, invalid java call, EXCEPTION_FLT_STACK_CHECK, EXCEPTION_ACCESS_VIOLATION etc. etc.