1) Win 7 64-bit
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Repaired the complete LR package. Worked smoothly for sometime.
Error cameup again around ~2 hours late. This time it again came up with "system.nullreference exception...".
DEP is enabled only for essential programs. UAC is still on; Trying to disable it with approvals. Also, I looked at the readme for LR 12/12.01 - looks like it should work without any issues even if they are enabled.
2) Windows server 2008 r2 standard 64-bit
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Re-installed completely. Disabled both UAC and DEP. Have full admin access here.
Worked for few minutes. The same error came up first "system.nullreference exception...". Closed vugen process, and re-launched it. After some time, gave a "out of memory exception...". It was consuming 2192.6 MB of memory.
Thanks,
Koushik