It's because of the threaded glibc Pat introduced. Your still running a 2.4 kernel that can't handle threads and cedega wants to use it by default now that it sees an NPTL enabled glibc. Unless you plan on upgrading to a 2.6 kernel, you'll have to:
cedega -use-pthreads no /path/to/windows/exe
make an alias for it in /etc/bashrc or your home .bashrc
alias cedega='cedega -use-pthreads no'
Then you can just "cedega /path/to/windows/exe"
This new glibc tends to cause more problems than it's worth.