Windows 7, with Compatibility mode for 2000. 98 Compatibility mode would not start the game.
That address is outside of the range of the executable's identity mapping - 0x00401000 -> 0x007ae400. I'm assuming there's a relocation base there, otherwise the crash is in a loaded dll (entirely possible if this is a ddraw problem, but as you indicated it applied over multiple graphics settings, I would expect gameplay code to be the source).
I know I'm reaching here, but is there any chance of getting a video of the crash (from you or anyone who might be able to reproduce).