I had the same issue on my XP machine and this helped me to fix it:
SmartView (F12) Crash to Desktop
In D3D mode (on nVidia cards in particular), using the SmartView (F12) is likely to cause your system to freeze. This is due to how modern operating systems handle AGP calls. The only known solution is to Disable AGP Texture Acceleration (though you can keep DirectDraw and Direct3D acceleration enabled) in the DirectX Diagnostic Tool (dxdiag.exe), which should allow Smart View to work. Likewise, you can also run in Glide mode, which doesn't use AGP.
Note that disabling AGP Texture Acceleration is no longer an option in Vista, and I am assuming the same for Windows 7.
from TAWwiki
Now I'm running vanilla TAW in Win7 64-bit with nGlide and have the issue (seems like it's not tied to AGP calls since I'm using Glide renderer).