I have the same problem. I don't associate it with AVS, but I do have AVS. AFter googling for days, it led me here.
I do have IM, but it isn't running. I don't have DIVX or Pinnacle. I have XP codecs, and Essentials Codecs, but the problem started well after installing these. It first showed up when using Picasa 3, but has shown up several times without any programs being open.
I have run spyware and malware, no problems.
This context alloc error showed up again tonight while trying to stream Coast to Coast. I had to close it, and reopen, and no problem.
I don't know what is causing this, but it is irritating. I'm also watching for responses on a Google group, but no answers there either.
Anyone have ideas other than those here so far ?