Ok, so on a Server 2008 Terminal Server, I was getting this error when any Office 2007 app was started:

Faulting application WINWORD.EXE, version 12.0.6514.5000, time stamp 0×4a89d533, faulting module unknown, version 0.0.0.0, time stamp 0×00000000, exception code 0xc0000005, fault offset 0×00000000,process id 0×2320, application start time 0×01cac065295370c1.

After much hair pulling and screaming, I narrowed it down to this Microsoft Update:  Update for 2007 Microsoft Office System (KB967642)

I did also uninstall KB969559, KB978380, & KB977724 before removing KB967642 - which provided the final successful resolution.

Microsoft Updates (before I started removing when troubleshooting)

Hope this saves some hair for somebody.

Luke

Edit:  It looks like the culprit may have been KB977724 after all.  Just had this problem again and removing that KB fixed it…