Afterburner Climax crashes with "Unhandled Win32 exception" error

Your specs are way below recommended yeah, but it should go in-game regardless.

No idea what's going on there without debugging with an actual debugger like Visual Studio's and seeing where the program dies.

I tried some rpcs3 builds in order to identify where the issue started, and found that the game last works fine on build 0.0.6-8280, and the first time the game crashes is on the following, 
build 0.0.6-8298 from (2019-06-25) - ( Pull request #6112 ), so I am pretty sure the problem starts in build 0.0.6-8298.

Maybe this can be of any help to know what causes the issue. At least, from what I tested, it affects the game Afterburner Climax (NPBUB30151) and Top Gun (NPUB30116) ( maybe other games too ). These are games that usually run quite fine with my PC specs, as they are not very CPU demanding.