I used ver 3.8.1.0 with no problems, but experienced crashing and lockups after upgrading to ver 3.8.1.1 on Win XP SP3 32-bit. I'm not sure what I was doing to trigger it. I tried at least a dozen times with the same results. I have over 20 skins installed and a number of plugins. Since I didn't have a backup of ver 3.8.1.0, I went back to 3.8.0.5 and all was working well.
(updated - resolved)
After getting some ideas from this forum and doing some backtracking, the problem appears to be related to duplicate plugins. After upgrading and on launch, XMPlay alerted that it had detected duplicate plugins. To resolve the problem, I moved all the plugins to a plugins folder, which overwrote the old plugins and the lockups/crashing started.
This time, I just unzipped everything to the default location (the XMPlay app folder) and deleted the duplicate plugins in the plugins folder. After the duplicates were deleted, no more problems.