This was from PV and it has been reported by two recent players.
You should be able to run "straight" in W7. This is Note 6 in the BOBII version 2.11 release text:
Note6: Windows Vista and Window 7 users. All Vista and Windows 7 users will need to apply the 'Vista/Windows 7 fix' to your desktop shortcut as a fresh 2.11 install will overwrite the previous shortcut.
Right click on shortcut and go to properties. Go to the compatibility tab. Check "disable desktop composition" and check the privilege level, run this program as an administrator.
See this link for player CTD issue:viewtopic.php?f=17&t=22975