I thought maybe the CD drive might be a problem, b/c it's an external drive. I tried using the no-CD exe, but then it also just exits at the same place, this time with a microsoft error message, asking me to report it. The multiplayer exe also exits with a microsoft error and I can't play at all (without being patched).
My specs are:
AMD Athlon 64 3200+
nVidia GeForce 6800
I have the latest nVidia graphics drivers, Directx 9.0c, SP2. I haven't played that many games recently, but Farcry has always worked great, and Medal of Honor worked fine.