Tried it three times, V. Read about the SH4 folder on the forum. Turns out, I have no SH4 folder.
1.46 Never made it past the office to water transition. The only error message it gave during the CTD (and only once) was 'unknown error.' So I was thrilled that an older version worked.
[edit]
Wait a sec! Turns out I *do* have an SH4 folder (realizing that by 'documents' we weren't talking about something in the SH4 game but in general documents).
Things mystify me. Especially how a folder in the documents section affect my game.