What version?

This looks similar to:
https://bugzilla.redhat.com/show_bug.cgi?id=310591


https://bugzilla.redhat.com/show_bug.cgi?id=451035 (one that I created for this issue)

Running Fedora 9 with latest updates.
kernel-PAE-2.6.25.4-30.fc9.i686
qemu-0.9.1-5.fc9.i386
qemu-img-0.9.1-5.fc9.i386
kvm-65-7.fc9.i386

Yes it does look similar but for the fact that the image works fine if I am running kernel-2.6.25.4-30.fc9.i686.

I have even tried the  -no-kvm-irqchip and -no-kvm-pit switches and it still crashes.