WinCDEmu 3.1 fails with "installation aborted"

Using r44672 and http://sourceforge.net/projects/wincdemu/files/wincdemu/3.1/WinCDEmu-3.1-8lang.exe/download

(drivers/storage/scsiport/scsiport.c:2835) unknown ioctl code: 0x4D0008
(drivers/storage/scsiport/scsiport.c:2835) unknown ioctl code: 0x4D0008
(lib/rtl/actctx.c:1423) unknown element t
(ntoskrnl\ps\query.c:471) Not implemented: ProcessWow64Information
(lib/rtl/actctx.c:1423) unknown element t
(dll/win32/kernel32/thread/fiber.c:69) Converting Thread to Fiber
(dll/win32/kernel32/s: 7c72ed55
(subsystems/win32/win32k/ntuser/message.c:1158) Attempted to post message to window 0x13012c when the thread is in cleanup!
(lib/rtl/actctx.c:1423) unknown element t
(ntoskrnl\ps\query.c:471) Not implemented: ProcessWow64Information
err:(dll/win32/comctl32/toolbar.c:427) bitmap for ID 0, index 1 is not valid, number of bitmaps in imagelist: -5
err:(dll/win32/comctl32/toolbar.c:427) bitmap for ID 0, index 1 is not valid, number of bitmaps in imagelist: -5
(lib/rtl/actctx.c:1423) unknown element t
(dll/win32/kernel32/thread/fiber.c:69) Converting Thread to Fiber
(dll/win32/kernel32/thread/fiber.c:151) Creating Fiber
(ntoskrnl\ke\i386\exp.c:1053) Kill WinCDEmu-3.1-8l, ExceptionCode: c0000005, ExceptionAddress: 7c72ed55
(subsystems/win32/win32k/ntuser/message.c:1158) Attempted to post message to window 0xd012a when the thread is in cleanup!
Entered debugger on embedded INT3 at 0x0008:0x808c70de.
kdb:> set condition * first always
kdb:> cont
(lib/rtl/actctx.c:1423) unknown element t
(ntoskrnl\ps\query.c:471) Not implemented: ProcessWow64Information
err:(dll/win32/comctl32/toolbar.c:427) bitmap for ID 0, index 1 is not valid, number of bitmaps in imagelist: -8
err:(dll/win32/comctl32/toolbar.c:427) bitmap for ID 0, index 1 is not valid, number of bitmaps in imagelist: -8
(lib/rtl/actctx.c:1423) unknown element t
(dll/win32/kernel32/thread/fiber.c:69) Converting Thread to Fiber
(dll/win32/kernel32/thread/fiber.c:151) Creating Fiber
Entered debugger on first-chance exception (Exception Code: 0xc0000005) (Page Fault)
Memory at 0x00000000 could not be read: Page not present.
kdb:> bt
Eip:
<KERNEL32.DLL:2ed55> dll/win32/thread/i386/fiber.S:122 (SwitchToFiber)
Frames:
kdb:>