Greetings. I have the same issue as you do. But first here are my stats:

P4 1.8
512 RDRAM
NVIDIA 6800 GT 77.77 Drivers
Latest Limewire
Java 1.4.2 08

Now, I've narrowed the issue down to my NVIDIA drivers and here's why: I had NVIDIA drivers 71.89 installed and was using the above versions of everything else. I had problems with a gray screen but the Java rollback to 1.4.2 solved my problem with the 71.89 drivers. After I installed the 77.77 NVIDIA drivers and launched Limewire I got the white screen, then the language screen...then a lovely reboot. The only difference with you is my error reporting pointed to my device driver instead of a downloadable solution.

So I'm facing the following options: Rollback my NVIDIA drivers to keep using Limewire, or keep my current drivers and wait for Gnutella to fix the compatability issues. I choose my drivers as they effect everything else on my system.

I hope this helps resolve some issues and I sincerely hope Gnutella fixes this soon. I really enjoy the simplicity and speed of Limewire so good luck to all involved.