Ok, for everyone who is having trouble getting Limewire to run without using the console...try this.
The following is the contents of MY runlime.sh script. I recommend that you alter yours to look the EXACT same. Then you should have no problem making a link in KDE. (Don't forget to make sure that you allow "EXEC" permissions to this file)

#!/bin/bash
WD=`dirname $0`
cd $WD
J2SE_PREEMPTCLOSE=1; export J2SE_PREEMPTCLOSE
CLASSPATH=".:lib/collections.jar:lib:lib/core.jar:lib/xerces.jar:lib/jl011.jar"
export CLASSPATH
PATH=$PATH:bin
export PATH
java RunLime

After you have made these changes, make your link to this new runlime.sh script file. If, after altering your runlime.sh script, the link still doesn't work, simply try restarting KDE (I had to do this before it would work, don't ask me why). And if it doesn't work after restarting KDE, then your problem is beyond me, sorry.