Yes, it crashes with `emacs -q'.
 

Faulting application name: emacs.exe, version: 24.4.0.0, time stamp: 0x544a8d9a
Faulting module name: libgcc_s_dw2-1.dll, version: 0.0.0.0, time stamp: 0x507d56df
Exception code: 0x40000015
Fault offset: 0x00016f62
Faulting process id: 0xee4
Faulting application start time: 0x01d043e155516507
Faulting application path: C:\MinGW\local\bin\emacs.exe
Faulting module path: C:\MinGW\bin\libgcc_s_dw2-1.dll
Report Id: 9ab40c92-afd4-11e4-81d7-00a0d1ad0b0b
Faulting package full name:
Faulting package-relative application ID: 

On my Windows 8 system:
16/10/2012  07:45           119,296 libgcc_s_dw2-1.dll

The dll does not contain any version information, but gcc --version
prints 4.7.2.

On my Windows XP system where it works:
05/10/2013  12:17 PM           112,142 libgcc_s_dw2-1.dll

gcc 4.8.1 is installed.

On my Windows 8 system, I renamed the DLL. Unexpectedly emacs
launched, and it exited normally. According to Process Monitor, emacs
failed to find this DLL anywhere else. I doubt that I have another copy
but I am searching the C: drive now.