I have a question that you may be able to answer.  The JW's say that the word "hell" in the Bible does not always refer to the lake of fire but sometimes the abode of the dead or the grave.  I have heard others say that when the terms sheol, Hades, etc are translated "hell" that the King James Translators understood that it was a reference to the lake of fire. Which is true?

I believe that every reference to "hell" in the King James Bible refers to the fiery place of judgment either literally or figuratively. Do not let the figurative reference concern you. I am talking about places like James 3:6And the tongue is a fire, a world of iniquity: so is the tongue among our members, that it defileth the whole body, and setteth on fire the course of nature; and it is set on fire of hell.
See All... where the tongue is said to be "set on fire of hell." I am not in any way denying a literal hell.

I usually do not refer to the Greek and Hebrew since I believe in the sufficiency of the English of the King James Bible, but perhaps a couple of comments are in order. The Greeks used the word "hades" for the abode of all dead. However, I do not find that use in the New Testament. The Bible is quite consistent in its use of the word. It means hell. The Hebrew word "sheol" can indeed refer to the grave or the pit. However, when it refers to one of these, it is so translated in the King James Bible. Therefore, when you see "hell" in the King James Bible, you can trust that it means hell.

One interesting note: you ask if "hell" always refers to the lake of fire. I am not trying to be picky, but "hell" is not the same as the "lake of fire" in the Bible. They are two different places until hell is cast into the lake of fire in Revelation 20:14And death and hell were cast into the lake of fire. This is the second death.
See All.... The lake of fire is evidently the "everlasting fire" that was prepared for the devil and his angels (Matthew 25:41Then shall he say also unto them on the left hand, Depart from me, ye cursed, into everlasting fire, prepared for the devil and his angels:
See All...). In fact, the beast (antichrist), the false prophet, and the devil are all cast into the lake of fire (Revelation 19:20And the beast was taken, and with him the false prophet that wrought miracles before him, with which he deceived them that had received the mark of the beast, and them that worshipped his image. These both were cast alive into a lake of fire burning with brimstone.
See All...; 20:10
See All...) before hell is cast into the lake of fire.

Hell, on the other hand, is the place of punishment for those who reject God. I believe that it is presently in the heart of the earth. It is always referred to as down (Psalm 55:15Let death seize upon them, and let them go down quick into hell: for wickedness is in their dwellings, and among them.
See All...; Isaiah 14:15Yet thou shalt be brought down to hell, to the sides of the pit.
See All...; Amos 9:2Though they dig into hell, thence shall mine hand take them; though they climb up to heaven, thence will I bring them down:
See All...). It was across a great gulf from Abraham's bosom (Luke 16:23-26 [23] And in hell he lift up his eyes, being in torments, and seeth Abraham afar off, and Lazarus in his bosom. [24] And he cried and said, Father Abraham, have mercy on me, and send Lazarus, that he may dip the tip of his finger in water, and cool my tongue; for I am tormented in this flame. [25] But Abraham said, Son, remember that thou in thy lifetime receivedst thy good things, and likewise Lazarus evil things: but now he is comforted, and thou art tormented. [26] And beside all this, between us and you there is a great gulf fixed: so that they which would pass from hence to you cannot; neither can they pass to us, that would come from thence.
See All...). When Christ died, He went to the "heart of the earth" (Matthew 12:40For as Jonas was three days and three nights in the whale's belly; so shall the Son of man be three days and three nights in the heart of the earth.
See All...) for three days and three nights. For most of that time He was in the paradise where He promised to see the repentant thief (Luke 23:43And Jesus said unto him, Verily I say unto thee, To day shalt thou be with me in paradise.
See All...).