I did a registry cleanup then installed XP64 SP2 again and all the updates. It is slightly better. It now crashes less frequently when I am using the Intel Compiler 11. And when it crashes if I launch the ICL.exe from a command prompt on the C drive, then continue my build from Devstudio (via ant) then it compiles the remaining files fine.
So it is probably not an Intel issue.
Hope to get of XP64 soon and that should solve the issue once and for all.