If you experience crashing Redsn0w while jailbreaking your iPhone, then you’re not alone. A lot of people reported such problem. Here’s how I fixed it:
The error is about msvcrt.dll causing the crash while running RedSn0w on Windows XP with Service Pack 3. The solution, download a new msvcrt.dll here: http://dll.softandco.com/dll/download-3/Msvcrt.dll.html
Extract that zip file and replace the msvcrt.dll on your C:/Windows/system32/ folder. (Make sure to backup the original msvcrt.dll just to have a copy when the unexpected happens).
After replacing, you’re good to go. Run RedSnow and the crash will be gone. Well, that’s how I fixed my problem.
Enjoy your jailbroken iPhone!