I'm using the 3.4.1 packages from Ubuntu Jaunty (9.04), installed on Ubuntu Ibex (8.10). This is on an amd64 machine, running the amd64 version of Ubuntu.

-install wine 1.1.18 for Ubunty Ibex from http://www.winehq.org/download/deb
-Download the setup for Visual C++ 2005 Express.
-valgrind the vcsetup.exe under wine:
valgrind --trace-children=yes --suppressions=/usr/lib/valgrind/glibc-2.7.supp --suppressions=/usr/lib/valgrind/debian.supp wine vcsetup.exe
(note that the glibc suppressions don't seem to work on the lib32 versions; I'll enter another bug when I get a moment)

Relevant crash output:
==6153== Invalid read of size 4                                                 
==6153==    at 0x4C8B968: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C827A5: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C8692D: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x700CBEB: (within /lib32/libdl-2.8.90.so)                       
==6153==    by 0x4C827A5: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x700D01B: (within /lib32/libdl-2.8.90.so)                       
==6153==    by 0x700CB20: dlopen (in /lib32/libdl-2.8.90.so)                    
==6153==    by 0x8D836BC: snd_dlopen (in /usr/lib32/libasound.so.2.0.0)         
==6153==    by 0x8D7DD64: (within /usr/lib32/libasound.so.2.0.0)                
==6153==    by 0x8D7E99B: snd_config_update_r (in /usr/lib32/libasound.so.2.0.0)
==6153==    by 0x8D7EF27: snd_config_update (in /usr/lib32/libasound.so.2.0.0)  
==6153==    by 0x8D2BCAA: ALSA_WaveInit (in /usr/lib32/wine/winealsa.drv.so)    
==6153==  Address 0x7cd9a58 is 24 bytes inside a block of size 26 alloc'd       
==6153==    at 0x6D19FDE: malloc (vg_replace_malloc.c:207)                      
==6153==    by 0x4C78A8E: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C7C5B3: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C80955: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C827A5: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C80F8C: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C870AC: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C827A5: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x4C8692D: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x700CBEB: (within /lib32/libdl-2.8.90.so)                       
==6153==    by 0x4C827A5: (within /lib32/ld-2.8.90.so)                          
==6153==    by 0x700D01B: (within /lib32/libdl-2.8.90.so)                       
--6153-- VALGRIND INTERNAL ERROR: Valgrind received a signal 11 (SIGSEGV) - exiting                                                                             
--6153-- si_code=2;  Faulting address: 0xFBAD8005;  sp: 0x4798d3c               

valgrind: the 'impossible' happened:
   Killed by fatal signal
==6153==    at 0x3803AB58: vgPlain_get_StackTrace_wrk (m_stacktrace.c:162)
==6153==    by 0x3803ACAF: vgPlain_get_StackTrace (m_stacktrace.c:483)
==6153==    by 0x38024F38: record_ExeContext_wrk (m_execontext.c:316)
==6153==    by 0x38002D5B: vgMemCheck_new_block (mc_malloc_wrappers.c:214)
==6153==    by 0x380032BD: vgMemCheck_malloc (mc_malloc_wrappers.c:235)
==6153==    by 0x3804F2D2: vgPlain_scheduler (scheduler.c:1303)
==6153==    by 0x38064348: run_a_thread_NORETURN (syswrap-linux.c:89)

sched status:
  running_tid=1

Thread 1: status = VgTs_Runnable
Segmentation fault