Whenever my wife tried choosing a preset, such as "Audio by Genre" to organize her music in Winamp, Winamp 5.572 would crash. She would right-click on Local Media, select Add Smart View and then select a preset for "choose a preset", which would cause Winamp to immediately crash. I found a solution at Media Library problems and crash. The solution was to clear the media library even though she didn't have anything in the library.
The solution posted by ScottVickery there is listed below:
One more clue lending credence to this being a problem with a corrupt library. I cleared the Media Library (Winamp Preferences / Media Library / Local Media - Clear Media Library button), then rescanned (Winamp Preferences / Media Library / Local Media / Watch Folders tab - Rescan now button), and, I can again view my Local Media Audio node in the tree.
Clearing the media library doesn't delete the music files from the PC, it just removes them from Winampls media library. In my wife's case, she didn't have any watch folders.