Yes, I am having this problem and was just searching for answers. I am trying to run it on vista but I am running it with xp sp2 compatibilty on. I have also tried the debug version which doesn't really get past the first line before I get the error.
Unfortunately I don't have Vista so it is hard to say without the console report. There have been a few fixes made in this version here: http://al.chemy.org/files/Alchemy-007-Pre.zip Give it a go and let me know if it works.