I am also having the same issue with Windows 7 64-bit... Incredibly annoying..
Problem signature:
Problem Event Name: APPCRASH
Application Name: ArcGISConnectionBin.exe
Application Version: 10.1.2.3252
Application Timestamp: 511165ea
Fault Module Name: ntdll.dll
Fault Module Version: 6.1.7601.17725
Fault Module Timestamp: 4ec49b8f
Exception Code: c000071f
Exception Offset: 0009a3b9
OS Version: 6.1.7601.2.1.0.256.48
Locale ID: 1033
Additional Information 1: a7aa
Additional Information 2: a7aa91f17ea749d42a4de3b390fa5b3d
Additional Information 3: a7aa
Additional Information 4: a7aa91f17ea749d42a4de3b390fa5b3d