There is an issue with iPhoto 9.2 on Lion 10.7.2 caused by the 3ivx codec (which is included in Perian). iPhoto is extremely unstable for people who have the 3ivx codec installed on their system, either separately or through Perian. The only way to prevent iPhoto from crashing is to uninstall either the 3ivx codec in /Library/Quicktime (if it is a separate file), or uninstall Perian (thus removing the 3ivx codec).
https://discussions.apple.com/thread/33 ... 0&tstart=0
edit: iPhoto is version 9.2, not 4.2
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