"KernelBase" is windows. There is something very bssic amiss. It is likely related to the video if you got to "drawloop" which means you are in the 3D, or at least in the process of entering it.
First step is to ensure you made note of the long list of "Release Notes" which should more accurately be called "Install Notes", and I may make that change for the new patch release.
So, things to check:
*> You must have a DirectX 9.0c from at least as recent as 2011. Having a DX 10, 11, or 12 or whatever will not help, nor will a DX9.0c from 2010. �$ perversely refused to change the designator for DX9 after the introduction of Vista, despite continually upgrading it for another five years. The purpose was to cause frustration in hope it would result in people migrating to Vista and DX10, both users and 3D developers. Small chance of that, it just provided another hoop for people to navigate.
*> You must be running Win7, as I'm sure you are aware. Do not use any compatibility mode, install directly as a native program.
*> Set run as administrator, turn off desktop composition (whatever that is)
*> Do not set Options>More GFX>Particle Density above medium
*> set Use Desktop Resolution to OFF and choose your resolution from the drop down menu.
Those are what I remember off the top of my head, there may be more. How are you set for those?
Oh, yes, if windows has any objection to BoB2 whatsoever, including if it just doesn't feel like running it because it's tuesday and it might be raining, it will announce BoB2 English Text has natter natter natter. It tells absolutely nothing about what is actually the problem.