Sounds to me like a memory allocation error of some sort. VXD's are virtual drivers. I'm not sure if they are DLL's with a different file extension or what.
To be helpful to SP or anyone working on an emulator you might want to include the following information:
OS: IE win2K win95 win98 win98se winme winxp etc.
Any configuration you have set up for the emulator. Such as if possible plugins used .. what you did before the error happened etc.
This will help to answer your question likely and hopefully allow you to use the emulator sooner.
Added note.. plugin authors should have a 'copy to clipboard' button on there plugin's config face so people can paste it when they post. Saves them a lot of typing and you a lot of time
Cyb
PS probably need the name of the rom too.. All of them doesn't hack it for figuring out what's wrong

Sometimes if you have a ROM that isn't emulated it will cause crashes. Also if you have a GPU plugin into the thing then you should be sure it's set up right.