It was a long time ago, but I think I got this this error message with sound when I was playing music and sound on a channel but I don’t remember exactly what the problem was. I am no longer have GD4 so I am not able to confirm if this is the problem in your case, but try to play sound and music using the base events instead of using the events to play on a channel. If that works, try to play on a channel of low value like channel 0, channel 1, channel 2, don’t go too high with channel value because that could also cause the crash. Don’t know much about sound encoding and hardware, but on old versions of Android for example when I go higher than channel 5 on certain devices my app crash. So try not to play sound and music on channels but if you do, try to keep the channel value low and see if it helps.
There are unofficial 32bit builds of GD5 shared here, I recommend to take a look:
Not sure if they work on Windows 7 though.