If the common5.pac IS your correct region, you may need a new common5.
For some reason, when I got a new one it worked.
First, for your CSP's, export the char_bust_tex from your common5.pac to your desktop.
Go here and download the NTSC common5.pac (if you are NTSC)
http://www.mediafire.com/?mdtddxcmalyafter that, go into the new common5.pac, and find the char_bust_tex file.
click once on the char_bust_tex file, then right click, then click replace.
choose the char_bust_tex that you have exported from the old common5.pac that keeps crashing.
after replacing, save the changes to the common5.pac
now go test it.
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If you are PAL, you might have to do some internet searching to get the common5.pac
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Are you NTSC and using a sc_selcharacter_en file in riivolution?(not the file located in the common5.pac)
(e.g the flaming blue css)
Do you use riivolution?
(these instructions were included just incase the common5.pac is "dirty" or broken.)