Well, there are several things you could try.
Update you LW version to the newest (4.12.4), you can download it from here (use the offline installer):
http://www.limewire.com/
Do the same with your Java (1.5.0_07, JRE offline installer), but make sure that you have the old Java version uninstalled and rebooted you computer before installing the new one and install Java (+reboot) before the new LW version:
http://java.sun.com/j2se/1.5.0/download.jsp
If that doesn't solve the problem, go to the LW icon on your desktop, ricght click it with the mouse, go to Properties>Compatibility and change the Mode to either Windows NT or Windows 2000.

Last but not least, if all other things have failed, delete your LW preference folder from both, the old LW version and the new one. The old folder is called " .limewire " and can be found as described in this thread:
http://www.gnutellaforums.com/showth...imewire+folder

The folder of the new version should be in the hidden Application folder unde C:\Documents and Settings\Administrator.<your computer name>\Application Data\LimeWire
To make the hidden folder viewable go in the "My Computer" window to Tools>Folder Options>View and mark "Show hidden folder".

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