Try these fixes...
Try uninstalling your Java from the add/remove programs and then re-install the JRE 5.11 offline version....
Archive: Download Java 2 Platform Standard Edition (J2SE) 5.0 Update 11


Then uninstall Limewire using the uninstaller which is found in start > all programs > limewire...then re-install it using the offline installer...To find the offline installer, use the link below > cancel the installer window when it pop's up and then select the offline installer link...
Lime Wire » Download LimeWire


If that does not help with your problem try deleting your preference folder...
Fixes for Limewire when LW isn't operating as it should
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If you dont live for something...
You die for nothing...

When I use Java 5.11 it works fine. I guess Lime Wire doesn't work with Java 6 update 1 ... Now I can't update Java without making Lime Wire not work.

There have been issues with some users having problems with 6.1...Stick with the 5.11 you will still be able to run everything else on your computer fine...
When they release the next Java version you can try updating then...

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If you dont live for something...
You die for nothing...

Basically I have same problem, I see number of people can't start up limeware due to java error.

The question is, can't limeware issue some patched version that would replace sun.awt.shell.Win32ShellFolder2.getIconIndex call with something else?