A bit of luck is involved when trying to resolve issues. This is the error in question:
Exception in acvmtools.crx: Unhandled Exception C0000005 (Access Violation Reading 0x0148) at address 6748BFh
In this case, a bit of googling pointed me in the right direction:
In this case, the user had a Radeon HD series card, we looked up the exact card and updated the video driver to the lastest version and the error disappeared. Please note that you can check what hardware and video cards are certified to run with our products here:
Thanks to Frank Posillico for confirming that this tip worked.