small bump, got it working not too sure exactly what did it, but i followed every bit of advice; make sure latest directx is installed (not too sure about this one, but hey-ho) make sure latest graphics driver is installed unplug all external HID's i.e. joysticks controllers, and make sure none are still there under device manager (uninstall if neccessary, just not your mouse/keyboard ;P ) after having done that, i uninstalled PS2 completely (inc any remaining beta files) do a registry clean (ccleaner) system reboot re-download PS2 profit
If you are still having problems you can run eventview and get a crash report of the crash event. Which will make it much easier to isolate your problem this way versus trial and error. Pretty much run the game and let it crash, type Windows+R, then enter eventvwr in the box and hit enter, go to windows logs > applications and find the crash report. Paste it here and people should be able to figure out what's going on pretty fast.
Can't play for more than 15 minutes before crashing. No issues in the beta. Windows 7 64bit i5-3570k 16gb ram 7950 3gb Crash Log: Support Ticket: #121207-000446