Many thanks for the replies gents, much appreciated. OK, this is what is happening.
Fresh install of Win7 with updates + installs of MSV 2005, 2008, 2010 and 2012.
Fresh install of P3D v2 + FSX
RAAS works fine in FSX, no CTD
RAAS causes runtime software exception (0x40000015) when enabled in P3D v2. When I disable the dll RAAS entry as per Bill's post, no more runtime exception CTD.
From this, I can only assume that RAAS is causing the issue and is not fully compatible with P3D v2 or legacy mode for that matter?
The funny thing is, the CTD ONLY happens when the sim tries to reload following an aircraft crash, overstress or water splash.
System specs: 2600k i7 @ 4.6 Ghz, GTX Titan GFX, 16Gb of Corsair Dominator.