Apparently ATI made changes on their OpenGL drivers distributed with 10.5 and later which may cause games to crash (module: atioglxx.dll)
In some cases it might help to replace the current dll with an older one (e.g. the one from 10.4).
Simply extract the driver and replace the one residing in the respective windows system folder (/system32 or /SysWOW64 on 64bit OS)
Detailed instructions can be found
here, which is the place I've found the solution in the first place! Kudos to the original author.