Since I've been working with an old wineprefix, I decided to try a fresh install, and I can reproduce your crash in 1.3.31 with the current K-Lite Codec Pack (Basic) installed. It happens with both WMP9 & WMP10. I'm not quite sure why my old wineprefix is still working, but the version of K-Lite installed there is over a year old, so it could be an issue with newer versions of K-Lite. The good news is that I found out that installing codecs in Wine is no longer necessary at all so long as you have the necessary gstreamer plugins installed. Just installing WMP9 or 10 was enough to get video playback to work on my system (openSUSE 11.4) in both WMP and Powerpoint in a fresh install in 1.3.31. Looking back at your original post, I see the reason you installed the codec pack in the first place was because you only got sound, not video. Assuming you're using 1.3.31 (if not, upgrade), my guess is that you're missing a gstreamer-plugin. Try a clean install of Powerpoint/WMP, and if you get only sound without video, check the console output for messages about missing plugins.
