I use Microsoft's ALTools on a regular basis to troubleshoot multiple different issues. Lately, however, EventCombMT.exe has been crashing on me during the simplest operations. I noticed that it hasn't been updated for a very long time. Is Microsoft recommending that people use a different set of tools? Is there a better alternative out there?
I would try running eventcombmt from another machine first to check if you have issues with the using the tool elsewhere. The tool is deprecated and there is no known replacement AFAIK.
I did see recently another free 3rd party tool advertised on a well known forum activedir.org. Its http://zetetic.net/products/events . I havent used it myself and am not sure if it will meet your needs.
Download v5 of the tool from Microsoft.
The original version of the tool that is bundled with Windows 2003 Resource Kit is a little, um, quirky.
Also, when it crashes, check to see that you don't have file handles open to the files that it wants to create. That can cause the tool to go belly up. This usually happens when multiple instances are running.