I confirm this bug on win xp sp3.
For me it is a blocker, playing a cd is a core functionality. It is not just a few cd's that don't work, vlc refuses to play any cd.
I changed severity accordingly.
It's the CDDB bug: switch to manual in the Interface-preferences and VLC won't crash
It's the same problem reported in this ticket:
http://trac.videolan.org/vlc/ticket/3804
Modifying the preference to "manual download the album ilustration" is a possible work-around, but why did it not take place by default in the 1.1.5 release.
While the bug is not solved, it should be better to set this work-around by default on the newer release.