This has already been fully explained and fixed in previous posts..
1. The full motion mdecs in this game will crash it..
2. Disable the mdecs either by using executor to disable them or edit the epsxe registry to disable mdecs..
3. Use the command line "-nomdec" this will also disable mdecs..
As long as the full motion videos aren't played, the game won't crash.. I heard that epsxe 1.01 plays MGS solid better and no crashes but you lose the use of savestates and other options.. The 3d conversations screens will still play correctly but the FULl motion movies won't... You can still hear the sounds while you see a weird green screen.. Atleast no crashes.. The story is mainly told through conversation scenes(which will still work) anyways, so it not such a big loss..
checkmatt1, firstly be welcome aboard on this forum, and secondly, use the search feature on the top left of this page (all of them, actually) to see if the question you're trying to post was not adressed in a previous thread. I did a search for you this time and found the answer that fivefeet kindly repeated (type MGS Crash on the search topic), but next time please use the search feature of the board. Thank you and welcome aboard again.