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If this won't help, try calling any other method of the scene manager (eg. smgr->clear()) just before smgr->drawAll(). If that call will cause illegal operation, then the pointer isn't pointing to a ISceneManager object.
If it crashes only on drawAll(), I have no idea what's the problem.
I have the same problem with a fresh install of 0.7 (and 0.7.1) when compiling the Hello World sample with the included DevC++ project file. It initiates correctly upto loading default font, then crashes with memory couldn't be read...