FOUND SOLUTION TO UDK.EXE CRASH FOR WIN XP 32
OK, technically, it’s a “work around”, not a solution, but hopefully it works for you like it does for me.
Work-around for UDK.exe crash on Win XP 32bit
Step 1) Start new launcher (but don’t start CM yet)
Step 2) On your PC, delete folder “C:\Program Files\Steam\steamapps\common\chivalrymedievalwarfare\UDKGame\CookedSDK”
Step 3) Back in the launcher, check “Enable safe mode” bottom left of launcher
Step 4) Run that Mother-F-er and have fun!!