Thanks to Dan Irving, a friend from college, who found the answer for me. It turns out that there is problem with the NVIDIA graphics card kicking in during some intense processes. "Using Rosetta to run PowerPC applications will trigger the higher-performance, higher-power-usage NVIDIA graphics."
What computers does this affect?
- New 2010 MacBook Pro with an Intel Core i5/i7.
- NVIDIA GeForce GT 330M graphics card.
- Mac OS X 10.6 or later.
So what's the fix? gfxCardStatus is a little app that shows up in your top toolbar and allows you to run Intel only, NVIDIA only or use the dynamic switching. By changing mine to Intel only, the crashes have ceased.
Hopefully there will be an update from Adobe or Apple to fix this issue, but this seems like a great temporary solution. You can also downgrade your system to OS 10.6.3, but this utility is a lot easier.