...hold on a second....it hangs in both Fred and FS?
That's not actually a crash kinda hang. That's the Fred or the game building the cache files (the IBX's) for the first time!
Since both models are quite complex, it's taking a while to build the cache files. I have an AMD 3800+ with 2 gigs of RAM, and it took me 1:43 to finish on the basestar, and a minute to do the hera. Both work in Fred now* - and though I can't test right now, I'd expect they work in game too.
Here's the cache files mine generated:
http://sectorfiles.net/ti-file-dump/VasudanAdmiral/RaptorsIBXs.zipWhack them in your FreeSpace2\data\cache folder, and see if you can then place them in fred and view them in FS. However, these cache files will only work as long as the pofs you have in your models directory match the ones in the zip you sent me. If you've updated them in any way, it will 'hang' again.
If it does, or in the future, just let it run for at
least 5 minutes before killing it, since chances are that it's still working.

* - I do however get an error when loading the Hera for a first time in Fred: "Serious problem loading model Hera2.pof, 66 normals capped to zero"
I found the spot in modelread.cpp which spits out this message, but couldn't figure out where the int "Parse_normal_problem_count" is set, so I still don't really know what it means.

Could a coder help there?