I can remember having the same problem when I installed Limewire. I had to add a sim link. Basically, the Limewire installer looks for java in onw standard location, and when it doesn't find it, it gives up and posts the message you got.
I don't remember for sure, but I think I created a sim link from /bin to the directory where I installed Java.
I wished I could be more specific, but I don't remember the details. possibly someone lese can help with the specifics.
Hope this helps.