I've had win2k lockup due to a bad codec before. But then, my motherboard (a7v133) doesn't like the old Voodoo2 cards either.
I'd have to go 50/50 on this one. It could be the program not configured/drivers, or it could be incompatibility with the motherboard. You've got a good plan for troubleshooting, so you might start pricing sound cards if the drivers don't cure the problem.