sounds like a windows issue if you are blue screening. It could be absolutely anything, from an overheating laptop, to subpar video card drivers, to faulty memory... the list goes on and on and on. I can tell you that twilight princess should run fine on the 64 bit version of 3.0 without crashes, with only savestates being glitchy if you don't restart the emulator when attempting to load them.
i think it has something to do with the graphic card or something like that.. because ones the computer froze for like 2 seconds the the screen flickered black a couple of times then went completely black and the back to normal.. then i got a error message from windows saying that graphics something had stopped working and now was back to normal.. this has happed to me when no playing to.. twice i think but then the computer had been running for a long time and i had been using photoshop and illustrator for a looong time...
this is what happens
http://h10025.www1.hp.com/ewfrf/wc/document?cc=us&dlc=en&docname=c00823253&document=&lc=en&product=5076917
so its not just me..
i have tried to uninstall/install the graphics driver and updating the driver...
as i only have one game i dont know if it would freeze on other games to..
i dont know what else to do...
and im almost at the first boss now..
I get that with the latest official nvidia drivers since I installed them just while browing firefox or sitting idle on the desktop. It could be a cause, then again maybe not. Never has actually happened while I'm playing.
I'm not a big fan of intensive gaming on laptops, too much heat and not enough places to dissipate it. The game will not get slower as you go along. It has a pretty much fixed performance level for me... smooth as butter 30FPS which seems to be what it runs at.
Well if it's a graphics issue than likely either the drivers or the GPU is overheating like SwissCM said (though I doubt it considering how little heat energy they produce under full load).
search that atikmpag.sys and bsod.
Maybe its worth a shot to test out the newer Intel HD drivers that you can grab from Intels support site?
http://www.intel.com/p/en_US/support/highlights/graphics/hdgraphics/
The second advice i would give you would be to invest in a proper notebook cooler, as it does help you cooling down your notebook if the cooling aint the strongest.
While my CPU got a Intel IGP its not used at all so i cant really help you out further. D;
Wish you luck.

I think he/she has ATI video card, evidently with that dll.