I do Android development on Windows 7 Home Premium 64 bit, with a 32 bit JDK and 32 Eclipse 3.5 and have not experienced the emulator crashing.
Have you tried running the emulator with one of the sample applications to ensure it's not your project that's causing the problem?
Beyond that, I'd recommend googling for information on how you can submit an error log to Google.
Richard Szalay
2010-01-30 09:38:52