I'm still having the exact same problem. My java runtime is installed to /usr/java/jre1.3.1_04.
I typed the command: sh LimeWireLinux.bin -PATH="/usr/java/jre/bin":$PATH

I'm getting the message: No java V.M could be found from your path environment variable you must install....blah blah blah

I'm new to Linux.... what am i doing Wrong?