I assume that no one found a sollution to this issue so I'll just note down my findings here in case someone comes across this issue as well.
I had a look at the event viewer and I came across the following error. Note as well that I am running Windows 7 64 bit:
Log Name: Application
Source: Application Error
Date: 3/23/2011 12:03:54 AM
Event ID: 1000
Task Category: (100)
Level: Error
Keywords: Classic
User: N/A
Computer: avandermade-PC
Description:
Faulting application name: Rangers.exe, version: 0.0.0.0, time stamp: 0x2a425e19
Faulting module name: Rangers.exe, version: 0.0.0.0, time stamp: 0x2a425e19
Exception code: 0xc0000005
Fault offset: 0x00009ed1
Faulting process id: 0xa54
Faulting application start time: 0x01cbe89025dcd806
Faulting application path: d:\program files (x86)\steam\steamapps\common\space rangers 2 reboot\Rangers.exe
Faulting module path: d:\program files (x86)\steam\steamapps\common\space rangers 2 reboot\Rangers.exe
Report Id: d6b2c8b6-5484-11e0-85ee-002215764f50
Event Xml:
<Event xmlns="
http://schemas.microsoft.com/win/2004/08/events/event">
<System>
<Provider Name="Application Error" />
<EventID Qualifiers="0">1000</EventID>
<Level>2</Level>
<Task>100</Task>
<Keywords>0x80000000000000</Keywords>
<TimeCreated SystemTime="2011-03-22T13:03:54.000000000Z" />
<EventRecordID>1655</EventRecordID>
<Channel>Application</Channel>
<Computer>avandermade-PC</Computer>
<Security />
</System>
<EventData>
<Data>Rangers.exe</Data>
<Data>0.0.0.0</Data>
<Data>2a425e19</Data>
<Data>Rangers.exe</Data>
<Data>0.0.0.0</Data>
<Data>2a425e19</Data>
<Data>c0000005</Data>
<Data>00009ed1</Data>
<Data>a54</Data>
<Data>01cbe89025dcd806</Data>
<Data>d:\program files (x86)\steam\steamapps\common\space rangers 2 reboot\Rangers.exe</Data>
<Data>d:\program files (x86)\steam\steamapps\common\space rangers 2 reboot\Rangers.exe</Data>
<Data>d6b2c8b6-5484-11e0-85ee-002215764f50</Data>
</EventData>
</Event>
Doing some googling found that this error code is related to a memory access violation. Doing some further googling found that this could be due to the graphics drivers. Based on this, my first step is going to be upgrading my graphics drivers. Probably something that is overdue anyway.