Ok I reinstalled DirectX 9 and set my settings to the following and the game works well now (and looks good too)
1920 X 1080
I am slowly upping the graphic settings to see if/when I start crashing again. I will update later with the max settings I can get to work.
I know that shadows have been a real issue so far. I'd set shadows on lowest. Might even want to drop your resolution, but with a 480, i wouldn't think you had to.
Mine looks like this: (i'm running a GTX 465)
1680 X 1050
Lowest Shadow detail
Texture quality and texture filtering High and Highest
Ambient occlusion: off
Depth of Field: on
Runs pretty good for me.