What does this Fatal Exception mean?

What does “Fatal Exception OE has occurred at 0028:C004739c in vxd vredir (01) + 00002878. This was called from 0028:C004AA00 in vxd vredir (01) + 00005EDC.” mean?
It appeared on someone’s computer who was using Windows 95, 32 MB of RAM, with Outlook 98, Project 98, Word 97, and a memory-eating background wallpaper running.
Any hints are helpful.