After a day 1/2 of frustration and tears I got Itunes 10.5.1 working properly on my Win 7 64bit Home Edition.
I concluded that the profile, lets call it blue99 was in some way corrupted. The reason is that I followed the troubleshooting steps outlined here:
http://support.apple.com/kb/ts1717
Under the heading of Create a New User Account
I went ahead and created a new profile, lets call it B99. Under this new profile, I started up Itunes and sure enough it fired right up, Itunes store came up etc with no crashes. The strange part is that when it started up, the Itunes user agreement came up. In the other profile where Itunes would crash, after I would re-install, I NEVER GOT THE USER AGREEMENT. It would just go through an install, and when it would restart, it would immediately start to crash.
So now I concluded in agreement with the suport article that it was a "user-specific problem"
With this info, I took a gamble. I did not follow the "User specific Troubleshooting" offered in the article.
Instead I followed the directions found here:
http://windows.microsoft.com/en-US/windows-vista/fix-a-corrupted-user-profile
I followed these very carefully. I copied all of my files found under C:\users\Old_Username folder, in this case that would have been the profile blue99. From there I copied the folders in there to the C:\users\New_Username folder in this case B99. The most important rule of thumb is MAKE SURE YOU HAVE FULL ADMINSTRATIVE PERMISSIONS BEFORE YOU START.
I then right clicked on the B99 folder and went to Properties and under the Security tab I gave the profile B99 full permissions. After this I went back to Control Panel and under User accounts I went and turned the B99 profile into full administrator and took the corrupted profile blue99 and switched it too Standard adminstration.
I restarted my computer and logged in under B99, started up Itunes and Yay!! Itunes is up and running. No crashes so far!! When I was running Itunes on the old profile I went ahead and turned off Genius and Home sharing. In this new profile I turned on Genius and it worked with no crashes. But I don't want to push my luck so I turned it off. Itunes has been running with no crashes. This is what worked for me, yeah its convuluted but I was desperate!! I don't even consider this a patch, so much as I cheated to get Itunes running.
If someone has a simpler way to get Itunes 10.5.01 to run, please let me know!!
Please note when I started this I had already reinstalled Itunes on the corrupted profile. I did not install Itunes again on the new profile. I just started it up.