Torque 3D Beta 1 Bug - Cannot open World Editor From tool Box (Windows Vista)

I created a new project called "ModelTutorial" and tried to click on the World Editor button with this project selected. A message pops up that says "ModelTutorial.exe Has Stopped working" and the tool box shrinks to the System tray. I expected to see the world editor, instead nothing happens (except the error window).

I am running Windows Vista 32 bit with the most recent updates. Here is a copy of the error in the Application Event Log:

Log Name: Application
Source: Application Error
Date: 5/4/2009 11:52:38 AM
Event ID: 1000
Task Category: (100)
Level: Error
Keywords: Classic
User: N/A
Computer: nattycurl
Description:
Faulting application ModelTutorial.exe, version 0.0.0.0, time stamp 0x49f9df70, faulting module X3DAudio1_6.dll, version 6.0.6001.18000, time stamp 0x4791a7a6, exception code 0xc0000135, fault offset 0x00009cac, process id 0xf60, application start time 0x01c9ccd0595fa138.
Event Xml:
<Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event">
<System>
<Provider Name="Application Error" />
<EventID Qualifiers="0">1000</EventID>
<Level>2</Level>
<Task>100</Task>
<Keywords>0x80000000000000</Keywords>
<TimeCreated SystemTime="2009-05-04T15:52:38.000Z" />
<EventRecordID>270273</EventRecordID>
<Channel>Application</Channel>
<Computer>nattycurl</Computer>
<Security />
</System>
<EventData>
<Data>ModelTutorial.exe</Data>
<Data>0.0.0.0</Data>
<Data>49f9df70</Data>
<Data>X3DAudio1_6.dll</Data>
<Data>6.0.6001.18000</Data>
<Data>4791a7a6</Data>
<Data>c0000135</Data>
<Data>00009cac</Data>
<Data>f60</Data>
<Data>01c9ccd0595fa138</Data>
</EventData>
</Event>