gsmenace, I have almost the exact same problem - as well as almost the exact same PC specs.
My game has only started crashing since the latest update (1/17/13), and only when I try to start races from the 'Most Wanted' list. Game hangs up when the intro movie starts, and the dreaded 'Need for Speed has stopped working' error occurs. I can play 'normal' races just fine - only the specific MW list races cause the crash.
You are at least the third person (counting myself) that has reported something like this. I'm sure there are many more. With any luck, we'll get a resolution soon - it's very frustrating not being able to advance in the game, or, in your case, even play the game at all!!
Here's hoping for a fix soon!
