r73584, LiveCD.
QEmu 0.9.1, with '-std-vga'.

...
00:02.0 VGA compatible controller [0300]:  Unknown device [1234:1111] (rev 00)
        Subsystem: Unknown [0000:0000]
        Flags: fast devsel, latency 0
        Memory at e0000000 (32-bit, prefetchable) [size=512M]
...
WARNING:  RtlCreateTagHeap at sdk/lib/rtl/heap.c:3873 is UNIMPLEMENTED!
Boot took 5959720851 cycles!
Interrupts: 1709 System Calls: 9399 Context Switches: 69
(ntoskrnl/config/cmcheck.c:25) CmCheckRegistry(0xB0178008, 0) is UNIMPLEMENTED!
(ntoskrnl/config/cmcheck.c:25) CmCheckRegistry(0xB0176008, 0) is UNIMPLEMENTED!
(ntoskrnl/config/cmcheck.c:25) CmCheckRegistry(0xB0173008, 0) is UNIMPLEMENTED!
(ntoskrnl/config/cmcheck.c:25) CmCheckRegistry(0xB0171008, 0) is UNIMPLEMENTED!
(base/system/smss/sminit.c:899) SMSS: can't find drive letter for system partition
(ntoskrnl/mm/ARM3/session.c:785) Session 0 is ready to go: 0xBF7F0000 0xFE96F000, 1ff8 0xB017A708
(ntoskrnl/mm/ARM3/sysldr.c:176) Loading: \SystemRoot\System32\win32k.sys at FE6A2000 with 2cd pages
(ntoskrnl/mm/ARM3/sysldr.c:176) Loading: \SystemRoot\System32\ftfd.dll at FE586000 with 11c pages
WARNING:  HvpWriteLog at sdk/lib/cmlib/hivewrt.c:29 is UNIMPLEMENTED!
(ntoskrnl/cc/copy.c:103) IoPageRead failed, Status c0000185
(ntoskrnl/mm/section.c:1533) MiReadPage failed (Status c0000185)

*** Fatal System Error: 0x00000001
                       (0x000000F9,0x00000000,0x0000FFFF,0x00000000)

?[7h?
Entered debugger on embedded INT3 at 0x0008:0x80942264.
kdb:> bt
Eip:
* <NTOSKRNL.EXE:142265 (:0 (RtlpBreakWithStatusInstruction))>
Frames:
* <NTOSKRNL.EXE:8219d (ntoskrnl/ke/bug.c:1100 (KeBugCheckWithTf))>
* <NTOSKRNL.EXE:82774 (ntoskrnl/ke/bug.c:1456 (KeBugCheckEx))>
* <NTOSKRNL.EXE:127221 (ntoskrnl/include/internal/i386/trap_x.h:223 (KiSystemServiceHandler))>
* <NTOSKRNL.EXE:3da9 (:0 (KiFastCallEntry))>
* <ntdll.dll:c81d (:0 (KiIntSystemCall))>
* <smss.exe:7190 (base/system/smss/sminit.c:2381 (SmpLoadDataFromRegistry))>
* <smss.exe:75b1 (base/system/smss/sminit.c:2498 (SmpInit))>
* <smss.exe:b64f (base/system/smss/smss.c:486 (_main))>
* <smss.exe:bdb6 (sdk/lib/nt/entry_point.c:199 (NtProcessStartup))>
<00000000>
kdb:> cont
(ntoskrnl/ke/bug.c:602) Potentially unloaded driver!
(ntoskrnl/ke/bug.c:602) Potentially unloaded driver!
(ntoskrnl/ke/bug.c:602) Potentially unloaded driver!
(ntoskrnl/ke/bug.c:602) Potentially unloaded driver!

Entered debugger on embedded INT3 at 0x0008:0x80942264.
kdb:>

==> BSoD "APC_INDEX_MISMATCH" (with FSE values).