I went to use the old version of Limewire and got a message that the program/file was corrupt and to reinstall the software.
So I did and received the same message as the one quoted above.
I read all the posts in this thread and I have tried several of the suggestions but nothing has worked.
I deleted and reinstalled Java and Limewire as suggested previously but still no luck, just the darn message.
Any help would be greatly appreciated.

So you're not getting the corrupted installation message anymore but you're getting the 'save folder not valid' message?

Try deleting LW's preferences folder. Just make sure that LW's properly closed first. See points 2 & 3 in the thread below
Fixes for LimeWire

Thanks Birdy I revisited the thread link you provided and deleted the Limewire preferences folder in the C:/Documents And Settings file as instructed.
That did the trick.
My mistake was that I assumed (we all know what they say about assuming) that since I had uninstalled the previous Limewire installations that everything was gone. W R O N G!

Birdy, thank you again. Your assistence and direction is greatly appreciated.

You're welcome
Enjoy LW!