Nah, there are so many things installed/customized that clean reinstall would be the last thing I would do. Anyway, problem is now solved, and the reason was Nvidia drivers 61.76. I vaguely remember downgrading the display drivers in hoping to fix the shutdown issue. It was not fixed, but I forgot to roll back to newer drivers. And this bluescreen issue was noticed much later, so I didn't relate it with the driver downgrade. Now I installed 77.72 drivers and everything is fine.
The hint came when I was able to call the task manager and see ddhelp not responding, and after reading below links I knew that was it.
http://www.ttlg.com/Forums/showthread.php?t=89957
http://www.techsupportforum.com/forums/f6/blue-screen-of-death-starting-halflife-12601.html