@[TSA] Psychcf: nexuiz(-sdl).exe doesn't print to stdout, that's what -condebug is for. But the log file wouldn't help much anyway...
@Dave: According to adago's report the game runs fine for a couple of minutes, so the drivers seem to support OpenGL (however updating the driver might still help).
@adago: could you try to generate a crash report as decribed here
http://forums.alientrap.local/viewtopic.php?p=15396#15396 ? (no idea if that works on vista, but i don't have vista so i can't check)