The crash appears to be related to user credentials not correctly getting copied/written to HKCU registry locations.
Extracting the contents of http://sd.stardock.com/gc2_ultimate_2.04.2.zip to the GalCiv2\Twilight directory should also fix the crash.
- More/better fix to make sure all HKCU settings keys are set properly from registration:
Start / Run / regedit.exe (will request elevation)
Erase C:\ProgramData\Stardock\GC2UL\sig.bin (will request elevation)
May need to remove the sig.bin from ProgramData\Stardock\Twilight instead.
Run the GalCiv2\Twilight\GC2TwilightoftheArnor.exe and enter your Stardock account information and serial when prompted.
This will update the registry keys in HKCU that you just removed as well to cache the user credentials the Metaverse login is expecting.
If you are still having problems, please email kwilas at stardock.com directly.