So, my google search has discovered that this CTD causing error has been around for quite some time. And I`ve recently started experiencing it on my game as well, making picking up any objects/weapons/money a gamble. Does the community have an explanation why it`s happening, what the cause is and a possible fix?

It used to happen to me when I was playing MW on a 256 MB RAM computer, so my guess is it's caused by issues with your RAM. Maybe quicksave before picking up many items ?

Interesting...I have 4GB of RAM, but I could try shutting down as many programs as possible before starting the game.

I would upgrade your video adapter drivers and firmware. I have seen memory issues be firmware, drivers, or even bad memory. It could be power supply not working properly too. That is usually noticed with other games.