Well mine won't launch with the latest Modernizer either.
Have this in my event log.
Faulting application name: lithtech.exe, version: 1.0.0.1, time stamp: 0x3ae746d9
Faulting module name: ntdll.dll, version: 10.0.22621.1778, time stamp: 0x2451efdd
Exception code: 0xc0000005
Fault offset: 0x00060998
Faulting process id: 0x0x5018
Faulting application start time: 0x0x1D992694560BA0A
Faulting application path: D:\Games\NOLF\lithtech.exe
Faulting module path: C:\Windows\SYSTEM32\ntdll.dll
Report Id: 53e4235a-35d0-4e30-a36c-a9317f39c741
Faulting package full name:
Faulting package-relative application ID: