Many people are experiencing problems which they can trace back to Msgsrv32. But Msgsrv32 is not the cause. Some info on Msgsrv32:

Msgsrv32.exe is a program (Windows 32-bit message server) that performs several background functions necessary for Windows operation.

These functions include:

Load installable Windows drivers at startup and unload them at shutdown

Run the shell program (usually Explorer.exe) and re-run the shell if it fails to respond

Mediate Plug and Play messages among various parts of the operating system

Coordinate automatic responses to Setup programs. This includes checking whether a Setup program has improperly overwritten Windows files, and optionally restoring the Windows versions of those files

Display the initial logon dialog box if networking is enabled

Play the system startup and shutdown sounds

Usually these messages appear on shutdown. Here are some more common errors and their causes:

MSGSRV32.DLL caused a General Protection Fault in Module CM8330SB.DRV

You need to visit the C-Media site and upgrade your drivers

See: Microsoft Knowledge Base Article Q188803

Msgsrv32 not responding

See: Microsoft Knowledge Base Article Q169987