I get the same problem. It looks like wglGetProcAddress("wglChoosePixelFormatARB") in WindowImplWin32::CreateContext() returns NULL, so the attempt to use it crashes. I'm running an NVIDIA GeForce 8800GTX with driver version 175.19 if it matters.
SDL's ChoosePixelFormatARB function creates a (dummy) window, gets the device context, sets the pixel format, creates an OpenGL context, finds the wglGetExtensionsStringARB function, uses that (if found) to get extensions, finds the wglChoosePixelFormatARB function, uses that (if found) to pick a pixel format, releases the OpenGL context, releases the device context, and destroys the window. Only then does it use that pixel format to create a new window with the appropriate OpenGL context.
From what I've read, those functions require a functioning OpenGL context to work, even if that means you have to create a dummy one first.