I dont know if the Audio driver is the problem, but if it is heres how to fix it;
Go to your AgeOfTime folder (default is C:/Prgramfiles/Ageoftime), go into base, then client, then double click prefs. Open it with notepad/wordpad. Find the line:
$pref::Audio::driver = "OpenAL";
edit it to say
$pref::Audio::driver = "none";
Then save and load up Ageoftime.
If that doesnt work try reinstalling.
Also, you may not have downloaded an update correctly, as it seems to crash for you when its loading datablocks. If this is the case go back to C:/prgramfiles/ageoftime or wherever you DLed it to, and open "main" with notepad/wordpad (it should be a .cs file). At the very top edit
$version = 28;
to say
$version = 25;
and save, close, open AOT. click check for updates.
Lots of errors could be causing your problem and I dont know how likely it is these methods will work.