Ok, the third time it has happened.
I left the CD in and have the -server extension on the shortcut and everything seems perfect. Same problem, if no resolution is met I am going to have to go back to 1.46.
On a note I think the patch worked great though other than the fact it crashes my server. The FPS on the server doubled and some and it seems to be using less bandwith, nice.
Please help me.