There are many things that can cause msgsrv32 errors to occur, but most likely it's a driver problem or your computer is unstable (memory, overclocking, power supply issues etc).
Msgsrv often comes up with all sorts of errors, as it's kind of a catch-all error for MS. Here's the lowdown on it:
Msgsrv32.exe is a program that runs invisibly on the Windows 9x and NT desktop and performs several background functions necessary for
Windows operation. These functions include:
1. Mediate Plug and Play messages among various parts of the operating system.
2. Coordinate automatic responses to Setup programs.
This includes checking whether a Setup program has improperly overwritten Windows files, and optionally restoring the Windows versions of those files.
3. Display the initial logon dialog box if networking is enabled.
4. Play the system startup and shutdown sounds.
5. Load installable Windows drivers at startup and unload them at shutdown.
6. Run the shell program (usually Explorer.exe) and re-run the shell if it fails to respond.
DLL Show - MSGSRV32.EXE Module Dependency List
ADVAPI32.DLL c:\windows\system\
GDI32.DLL c:\windows\system\
KERNEL32.DLL c:\windows\system\
MPR.DLL c:\windows\system\
USER32.DLL c:\windows\system\