Definitely looks like a Java problem.

You should only have one version of Java installed on your system, and wisest to install it via OFFLINE instead of using the online installers. Go to Add/Remove programs Control Panel & check for how many Java versions. If you re-install Java, run this small utility to clean the registry: Crap Cleaner

Something else to check is LW's compatibility mode; Fixes for Limewire (click on blue link)