Hardware i have: 
EVGA x58 MICRO sli motherboard (model number: 121-BL-E756-TR) 
Nvidia gtx 260 video card 
850 watt power supply (its over kill but i planned to add a 2nd card) 
logitech g15 keyboard 
Logitech mx518 mouse 
Asus vx226 monitor (system recongizes this as a "Digital Flat Panel 1920x1080 60Hz" and has always shown it this way) 
Core i7 CPU 
Win 7-64bit professional 
ok i have done the following updates and driver updates for my motherboard, graphics card.  
Motherboard updates were downloaded from here: 
http://www.evga.com/Support/Drivers/Default.asp 
Sub menus are: 
/mainboards/ EVGA X58 Series/ Chipset/ 
/mainboards/ EVGA X58 Series/ Network/ 
/mainboards/ EVGA X58 Series/ Audio drivers/ 
/mainboards/ EVGA X58 Series/ E756 - X58 Micro Bios/ 
updated Chipset, Network, Audio, and Bios from the above menu (downloaded and installed) 
Motherboard info from the flash is as follows: 
121-BL-E756-8A79TEVCC-00 
FLASH TYPE SST 25VF080B 3.3V 
I also updated my Nvidia GTX 260 graphics card drivers to version: 270.61 
Chipset to version: 9.1.2.1008 
Network to version: 5.41 
Audio Driver: 2.52 
Bios was updated to version: 82 
Arma 2 still locks up after a few minutes of play (this last time i basically just used the Parachute option, droped out of the action got into looking over an AO in Domination and looked through a scope and then switched to looking through binocs (zoomed in and out), and a few minutes later it locked up without me firing a single shot.  Roughly 3-5 minutes. 
Screen looks like a screen shot of the last image and nothing responds i cant even CONTROL+ALT+DELETE to open task manager to close arma 2 i have to hard reset. 
I also spoke to others in game while i could and there were some others that have been having the same problems lately with the game. 
P.S. i tried to lower the settings of Arma 2 also... AA is off, no shadows, etc just running at default resolution of 1920x1080 @60Hz  (with the 270.61 graphics drivers i couldnt turn off Physx so i put it to CPU and tried it then to video card for Physx still the same result with the crash / hung system. 
This just started week of 5.2.2011-5.7.2011, before that the game worked fine and i could spend HOURS in the game with no problems. 
Any help or suggestions is appreciated. 
Thanks 
5.9.2011 - Downloaded Beta 79600 and tried to run the game from that.  Unfortunately the game still crashed with the same results. 
5.13.2011 -  after alot of testing i installed a NEW GPU and it fixed all problems with the system hanging (must of been somethign with that other GPU or a driver conflict with that older GPU that was causing the problems)