I thought it was path not classpath when I saw your first post. Your first JDK entry is for JDK 1.4; you need to enter your JDK 1.5.0 path in a similar format before the JDK 1.4 entry. Make sure the JDK entries end with \bin (Windows, I think /bin on Linux), and you would probably do well to delete the 1.4 entry.
When the computer looks for the entry "java" using the path as set up, the first one it finds is in your jdk1.4 installation; if you require Java 5 features, your application will crash.
Please check whether the jre entries ought to end with \bin too.