This just fixed it for me, although I can select Internet again once successfully logged in. :thumbup:
No TrackIR software, Win 7 Pro, I7-950 8GB Ram.
Hit Multiplayer
Login - CTD
Hit Multiplayer
Cancel Login
Change to LAN
Click Login (top right)
Login
Change to Internet - Master Server updates list, no crash
just done this twice and it was the same both times.
Edit: Third time it did crash when selecting Internet, but at least you can use the DirectIP to get in to something...