What version of Java are you using? Try this one. Use the JRE offline installer & remove your current Java version before installing this one
Archive: Download Java 2 Platform Standard Edition (J2SE) 5.0 Update 11

Then reinstall LW & make sure to use the offline installer (click to download LW, when the box pops up asking if you want to save, click cancel...now you'll see an option to use the offline installer).

Also try these:
Tip: Purge the Downloads Queue!

Delete LW's preferences folder when LW's properly closed, see points 2 & 3 in the thread here Fixes for LimeWire

If you're getting the blue screen, read this thread for more info.
Limewire and Blue Screen of Death (click on link)