Update.
This is the crash I am seeing
Process: Safari [719]
Path: /Applications/Safari.app/Contents/MacOS/Safari
Identifier: com.apple.Safari
Version: 5.1.6 (7534.56.5)
Build Info: WebBrowser-7534056005000000~6
Code Type: X86 (Native)
Parent Process: launchd [551]
Date/Time: 2012-07-26 10:45:51.562 +0100
OS Version: Mac OS X 10.7.4 (11E53)
Report Version: 9
Interval Since Last Report: 452895 sec
Crashes Since Last Report: 25
Per-App Interval Since Last Report: 2037 sec
Per-App Crashes Since Last Report: 21
Anonymous UUID: 8AF89C36-8AB9-4180-8DA8-36053E2C226A
Crashed Thread: 0 Dispatch queue: com.apple.main-thread
Exception Type: EXC_BREAKPOINT (SIGTRAP)
Exception Codes: 0x0000000000000002, 0x0000000000000000
Application Specific Information:
objc[719]: garbage collection is OFF
*** Terminating app due to uncaught exception 'NSInternalInconsistencyException', reason: 'Invalid parameter not satisfying: (index >= 0) && (index < [_itemArray count])'
Attempt 1
I made a clean install of Lion on a clean disk. This worked fine, but I had no apps or data.
I used Migration Assistant to move my account over.
Whatever the problem is, it was pulled over by Migration Assistant. The new installation was now unable to run Safari.
Attempt 2
So then I deleted Safari completely from the original disk. Deleted any hooks I could find, and rebooted.
Software Update didn't offer any options.
Installed the 10.7.4 combo update, hoping that would restore Safari. It didn't.
Attempt 3
I went back to the rescue partition and resinstalled Lion.
Safari was re-installed. But the crashing problem came back.
I am currently out of ideas.