If Bioshock crashes for you on Windows 7 and you have a VIA hd audio sound chipset or drivers the following fix will let you play the game without crashing:
1. Go to C:\Windows\System32 (or C:\Windows\SysWoW64 for x64 OS's)
2. Copy over wrap_oal.dll into the same folder where Bioshock's executable is located (steamapps\common\bioshock\Builds\Release\)
3. Rename this file openal32.dll
Seems like Bioshock is not finding the correct openal dll so this forces it to I guess.