I have the same issue. I even upgraded to Windows 8 to see if the problem would go away but it did not.
All my attempts to render a Blu-ray of my project using a series of .vsp projects fail. They usually fail providing the following event log application entry related to module uvHTMPEG2.dll. I can find no reference to issues with this module on the web.
Log Name: Application
Source: Application Error
Date: 20-Dec-12 11:21:44 AM
Event ID: 1000
Task Category: (100)
Level: Error
Keywords: Classic
User: N/A
Computer: Terry-PC
Description:
Faulting application name: vstudio.exe, version: 15.0.0.0, time stamp: 0x4fc489dd
Faulting module name: uvHTMPEG2.dll, version: 0.0.0.0, time stamp: 0x4fc49463
Exception code: 0xc0000005
Fault offset: 0x00027bc6
Faulting process id: 0xeb0
Faulting application start time: 0x01cddee07d498df3
Faulting application path: C:\Program Files (x86)\Corel\Corel VideoStudio Ultimate X5\vstudio.exe
Faulting module path: C:\Program Files (x86)\Corel\Corel VideoStudio Ultimate X5\uvHTMPEG2.dll
Report Id: 7cd72315-4ada-11e2-bea9-001a4d4ec029
Faulting package full name:
Faulting package-relative application ID:
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="2012-12-20T19:21:44.000000000Z" />
<EventRecordID>63413</EventRecordID>
<Channel>Application</Channel>
<Computer>Terry-PC</Computer>
<Security />
</System>
<EventData>
<Data>vstudio.exe</Data>
<Data>15.0.0.0</Data>
<Data>4fc489dd</Data>
<Data>uvHTMPEG2.dll</Data>
<Data>0.0.0.0</Data>
<Data>4fc49463</Data>
<Data>c0000005</Data>
<Data>00027bc6</Data>
<Data>eb0</Data>
<Data>01cddee07d498df3</Data>
<Data>C:\Program Files (x86)\Corel\Corel VideoStudio Ultimate X5\vstudio.exe</Data>
<Data>C:\Program Files (x86)\Corel\Corel VideoStudio Ultimate X5\uvHTMPEG2.dll</Data>
<Data>7cd72315-4ada-11e2-bea9-001a4d4ec029</Data>
<Data>
</Data>
<Data>
</Data>
</EventData>
</Event>