In my case ZoneAlarm Internet Security Suite was the culprit
System:
Gigabyte GA-MA78GM-US2H  (AMD 780G chipset) with F8 BIOS
AMD Athlon 7750 2.7ghz CPU
My machine had been plagued by random lockups ever since installing the retail version of Windows 7 Pro.  Freezing could occour at any time, on average at least once per day; Sometimes at the password screen, sometimes after more than five hours of use.  The mouse pointer would hourglass first, and in this state ctrl+alt+delete would totally lock the machine.  Sometimes I would leave the machine for a while and come back to find it frozen.  There seemed to be no obvious trigger.  
Initially I thought it was the on board audio, because I first encountered the problem when using Media Player.  But the problem persisted after installing an old Sound Blaster card.  I then spent weeks trying different things.  BIOS update, chip-set driver updates, onboard NIC driver update etc.  Finally I read postings on this board reporting AVG and Kerpersky as possible causes.  I use ZoneAlarm Internet Secuity Suite (the latest version of course!) which uses Kapersky's AV engine.  I uninstalled ZA just over a week ago, replacing it with MS Security Essentials, and my PC has been 100% stable since.
As two different AV engines have been reported as causing similar lockup issues, I wonder if the problem is with Microsoft's security APIs.  Anyhow, I just hope it gets fixed soon!  I've seen on ZoneAlarm's user forums that there have been a couple of beta releases over the past few weeks, and that "stability improvements" is listed as one of the improvements.