Both DOS(16bit) and XP (32Bit) regards the instruction resides in "CS:06b8 IP:e7e7 OP:63 b7 14 00 00" as an illegal instruction.

May be the winnt32.exe damaged or not a valid WIN32 PE file .

hhhh , It's WIN64 PE ??
I have got the problem even ever , choose the bad 64bit version .