I'm having the very same issue with my Macbook Air. Same OS and iPhoto version - iPhoto version 9.4.2, OS 10.7.5.
Here are the first 50 lines of the crash report:
Process: iPhoto [656]
Path: /Applications/iPhoto.app/Contents/MacOS/iPhoto
Identifier: com.apple.iPhoto
Version: 9.4.2 (9.4.2)
Build Info: iPhotoProject-710042000000000~2
App Item ID: 408981381
App External ID: 11723545
Code Type: X86 (Native)
Parent Process: launchd [123]
Date/Time: 2012-11-22 18:14:15.465 -0500
OS Version: Mac OS X 10.7.5 (11G63)
Report Version: 9
Interval Since Last Report: 166706 sec
Crashes Since Last Report: 6
Per-App Interval Since Last Report: 3189 sec
Per-App Crashes Since Last Report: 5
Anonymous UUID: 2D3ED236-F52B-4396-99DB-FFEB0511E269
Crashed Thread: 0 Dispatch queue: com.apple.main-thread
Exception Type: EXC_BAD_ACCESS (SIGBUS)
Exception Codes: KERN_PROTECTION_FAILURE at 0x00000000c15e6000
VM Regions Near 0xc15e6000:
CG backing stores 00000000c1229000-00000000c15e5000 [ 3824K] rw-/rw- SM=SHM
--> CG backing stores 00000000c15e6000-00000000c1937000 [ 3396K] r--/rw- SM=SHM
CG shared images 00000000c2b3e000-00000000c2b46000 [ 32K] rw-/rw- SM=SHM
Application Specific Information:
objc[656]: garbage collection is OFF
Performing @selector(importFiles:) from sender NSMenuItem 0x78ef0fb0
Thread 0 Crashed:: Dispatch queue: com.apple.main-thread
0 com.apple.CoreGraphics 0x957f1aec blt_pattern_blend_XXXX32 + 686
1 com.apple.CoreGraphics 0x957f1def blt_bitmap_blend_AXXX32 + 105
2 com.apple.CoreGraphics 0x953d394c argb32_mark_pixelshape + 19824
3 com.apple.CoreGraphics 0x95300293 argb32_mark + 279
4 com.apple.CoreGraphics 0x95317915 argb32_image + 1037
5 libRIP.A.dylib 0x97b3fc75 ripd_Mark + 279
6 libRIP.A.dylib 0x97b3dc67 ripl_BltImage + 1368
7 libRIP.A.dylib 0x97b3d497 ripc_RenderImage + 269
8 libRIP.A.dylib 0x97b49a8c ripc_DrawImages + 6467
9 com.apple.CoreGraphics 0x953d43be CGContextDrawImages + 239
10 com.apple.coreui 0x9c6b1a79 CUIPenCG::DrawImages(void*, CGRect const*, CGImage**, CGRect const*, unsigned long) + 45
11 com.apple.coreui 0x9c6a2fc5 CUIRenderer::DrawWindowFrameDark(CUIDescriptor const*) + 4531
12 com.apple.coreui 0x9c68de0d CUIRenderer::Draw(CGRect, CGContext*, __CFDictionary const*, __CFDictionary const**) + 5701
13 com.apple.coreui 0x9c6aede5 CUIDraw + 206
14 com.apple.AppKit 0x9706f2e4 _NSDrawThemeBackground + 1429
15 com.apple.AppKit 0x97228deb -[NSThemeFrame _drawUnifiedToolbar:] + 874
16 com.apple.AppKit 0x972287f3 -[NSThemeFrame _drawTitleBar:] + 673
17 com.apple.AppKit 0x9706b1cf -[NSThemeFrame _drawFrameInterior:clip:] + 125
18 com.apple.AppKit 0x9706add9 -[NSThemeFrame drawFrame:] + 119
19 com.apple.AppKit 0x97228515 -[NSFrameView drawRect:] + 765
20 com.apple.AppKit 0x97227c5f -[NSThemeFrame drawRect:] + 107
21 com.apple.AppKit 0x970396c9 -[NSView _drawRect:clip:] + 3717
22 com.apple.AppKit 0x97068ae6 -[NSView _recursiveDisplayAllDirtyWithLockFocus:visRect:] + 1958
23 com.apple.AppKit 0x97037026 -[NSView _recursiveDisplayRectIfNeededIgnoringOpacity:isVisibleRect:rectIsVisibleRectFor View:topView:] + 708
24 com.apple.AppKit 0x97036627 -[NSThemeFrame _recursiveDisplayRectIfNeededIgnoringOpacity:isVisibleRect:rectIsVisibleRectFor View:topView:] + 259
25 com.apple.AppKit 0x97031caa -[NSView _displayRectIgnoringOpacity:isVisibleRect:rectIsVisibleRectForView:] + 4817
26 com.apple.AppKit 0x9702abd9 -[NSView displayIfNeeded] + 1365
27 com.apple.AppKit 0x9714a81b -[NSThemeFrame handleSetFrameCommonRedisplay] + 233
28 com.apple.AppKit 0x970ec0b8 -[NSWindow _setFrameCommon:display:stashSize:] + 2253
29 com.apple.AppKit 0x970eb7e6 -[NSWindow setFrame:display:] + 71
30 com.apple.AppKit 0x9718f049 -[NSWindow _setFrameAfterMove:] + 496
31 com.apple.AppKit 0x9718ee3f -[NSWindow _windowMovedToRect:] + 261
32 com.apple.AppKit 0x9771b52d -[NSWindow _getPositionFromServer] + 100
33 com.apple.AppKit 0x9771e2a8 -[NSWindow _initFromGlobalWindow:inRect:styleMask:] + 350
34 com.apple.RemoteViewServices 0x96f66ff9 -[NSRemoteWindowController _remoteHostDidGrantRights:] + 335
35 com.apple.RemoteViewServices 0x96f669a4 __58-[NSRemoteWindowController _handleReplySetupSharedWindow:]_block_invoke_0 + 43
36 com.apple.CoreGraphics 0x9544240b _WindowRightsGrantOfferedNotificationHandler + 678
37 com.apple.CoreGraphics 0x9527ba3b CGSPostLocalNotification + 218
38 com.apple.CoreGraphics 0x95348cfd notifyDatagramHandler + 265
39 com.apple.CoreGraphics 0x95348a25 CGSDispatchDatagramsFromStream + 316
40 com.apple.CoreGraphics 0x95348594 snarfEvents + 481
41 com.apple.CoreGraphics 0x95348247 CGSGetNextEventRecordInternal + 127
42 com.apple.CoreGraphics 0x9539b180 CGEventCreateNextEvent + 40
43 com.apple.HIToolbox 0x987e844e _ZL38PullEventsFromWindowServerOnConnectionjh + 69
44 com.apple.CoreFoundation 0x92141d0a __CFMachPortPerform + 346
45 com.apple.CoreFoundation 0x92141b91 __CFRUNLOOP_IS_CALLING_OUT_TO_A_SOURCE1_PERFORM_FUNCTION__ + 49
46 com.apple.CoreFoundation 0x921417bb __CFRunLoopDoSource1 + 155
47 com.apple.CoreFoundation 0x9217ae01 __CFRunLoopRun + 2193
48 com.apple.CoreFoundation 0x9217a1dc CFRunLoopRunSpecific + 332
49 com.apple.CoreFoundation 0x9218af01 CFRunLoopRun + 129
50 com.apple.RemoteViewServices 0x96f617c8 -[NSRemoteSavePanel runModal] + 322
51 com.apple.iPhoto 0x00686913 0x66000 + 6424851
52 com.apple.iPhoto 0x00265243 0x66000 + 2093635
53 com.apple.CoreFoundation 0x921d9d11 -[NSObject performSelector:withObject:] + 65
54 com.apple.AppKit 0x970f3663 -[NSApplication sendAction:to:from:] + 232
55 com.apple.AppKit 0x971e6caf -[NSMenuItem _corePerformAction] + 536
56 com.apple.AppKit 0x971e692c -[NSCarbonMenuImpl performActionWithHighlightingForItemAtIndex:] + 171
57 com.apple.AppKit 0x971e5fb5 -[NSMenu _performActionWithHighlightingForItemAtIndex:sendAccessibilityNotification:] + 79
58 com.apple.AppKit 0x974c1ef7 -[NSMenu performActionForItemAtIndex:] + 65
59 com.apple.AppKit 0x974c1f2a -[NSMenu _internalPerformActionForItemAtIndex:] + 45
60 com.apple.AppKit 0x974c615b -[NSMenuItem _internalPerformActionThroughMenuIfPossible] + 106
61 com.apple.AppKit 0x9732c670 -[NSCarbonMenuImpl _carbonCommandProcessEvent:handlerCallRef:] + 172
62 com.apple.AppKit 0x9715c246 NSSLMMenuEventHandler + 452
63 com.apple.HIToolbox 0x9895dc0c _InvokeEventHandlerUPP(OpaqueEventHandlerCallRef*, OpaqueEventRef*, void*, long (*)(OpaqueEventHandlerCallRef*, OpaqueEventRef*, void*)) + 36
64 com.apple.HIToolbox 0x987d9313 _ZL23DispatchEventToHandlersP14EventTargetRecP14OpaqueEventRefP14HandlerCallRec + 1602
65 com.apple.HIToolbox 0x987d8790 _ZL30SendEventToEventTargetInternalP14OpaqueEventRefP20OpaqueEventTargetRefP14H andlerCallRec + 482
66 com.apple.HIToolbox 0x987ed571 SendEventToEventTarget + 76
67 com.apple.HIToolbox 0x9895e0d0 _ZL18SendHICommandEventmPK9HICommandmmhPKvP20OpaqueEventTargetRefS5_PP14OpaqueE ventRef + 482
68 com.apple.HIToolbox 0x9895e13a SendMenuCommandWithContextAndModifiers + 70
69 com.apple.HIToolbox 0x989c998d SendMenuItemSelectedEvent + 275
70 com.apple.HIToolbox 0x98829d79 _ZL19FinishMenuSelectionP13SelectionDataP10MenuResultS2_ + 129
71 com.apple.HIToolbox 0x989ba88c _ZL14MenuSelectCoreP8MenuData5PointdmPP13OpaqueMenuRefPt + 608
72 com.apple.HIToolbox 0x98821a2a _HandleMenuSelection2 + 636
73 com.apple.HIToolbox 0x988217a9 _HandleMenuSelection + 53
74 com.apple.AppKit 0x97059bd2 _NSHandleCarbonMenuEvent + 302
75 com.apple.AppKit 0x96fea4d6 _DPSNextEvent + 2196
76 com.apple.AppKit 0x96fe9752 -[NSApplication nextEventMatchingMask:untilDate:inMode:dequeue:] + 113
77 com.apple.AppKit 0x96fe5ac1 -[NSApplication run] + 911
78 com.apple.AppKit 0x97276ac5 NSApplicationMain + 1054
79 com.apple.iPhoto 0x00075c99 0x66000 + 64665
80 com.apple.iPhoto 0x000752e5 0x66000 + 62181