I report here because the virtualbox tracker seems not so taken into consideration by devs, and because I think the problem can be better workarounded in W:A.
In fact, the error I get is the same if I run worms and try to get to the main menu, and if I playback a recorded game. In the first case, I can at most hear one heartbeat of the logos (but see nothing); with /nointro it crashes immediatly; with the replay, I can hear the pie loading (but see nothing again), then crash.

Well, first
C:\program files\worms armageddon\wa.exe [003EDAA8], run by vpisto.
Operating system: Windows 7 (6.1.7601).
You should know that program files directory is restricted in rights by default on Vista & 7 (damn, this problem appears more and more these days:-/) and causes some frustrating regressions (like Team changes don't save and Cannot play on PNG maps online). Try to move the directory out there or reinstall the game.
As I see by the faulty module, it can be real that the Virtual Box is incompatible somewhere. Well, the suggestion above doesn't necessarily concern this, but it's very important, and since this I know nothing more to solve the problem...

Both crashes seem to happen inside LPDIRECTDRAWSURFACE::BltFast. I'm not sure if a workaround is possible, since it happens both with the front-end and in-game graphics code (which don't share almost anything in common). I would suggest trying older VirtualBox versions, or trying to enable/disable graphics hardware acceleration settings on the virtual machine. 3rd-party software which intercept graphics calls, such as DxWnd or ProjectX (for in-game), might help.

Both crashes seem to happen inside LPDIRECTDRAWSURFACE::BltFast. I'm not sure if a workaround is possible, since it happens both with the front-end and in-game graphics code (which don't share almost anything in common). I would suggest trying older VirtualBox versions, or trying to enable/disable graphics hardware acceleration settings on the virtual machine. 3rd-party software which intercept graphics calls, such as DxWnd or ProjectX (for in-game), might help.
I've been a loyal user of virtualbox for a long time, and I've never seen hardware acceleration work in any version. W:A seem to work only without guest additions, but it's a pain to use vbox without it.

Personally, I think that the casuality that the bug happens in two very different part of the code can only be an advantage in looking for the cause (worse would be if the code was the same, that is you got only one test case, worst if it was two different bugs). I'm determined to help in this hunt, because I haven't been able yet to play PX.
I will try with DxWnd, and I'll look for guest additions pdb files (or I'll build them).

What I meant is that there's little chance that both parts of the code have the same anomaly or bug which causes VirtualBox's drivers to crash. I think you should see if you can run some other 8-bit DirectDraw games.

W:A seem to work only without guest additions, but it's a pain to use vbox without it.Are you constrained by disk space? If not, you could just set up a separate VM for W:A.