PCSX2 version: Official Beta 1888, Official v0.9.6 release
CPU options: EErec on, VUrec0 and VUrec1 on, MTGS on
Plugins used: GSdx 0.1.15 (hardware and software, dx9), ZeroGS 0.9.67, spu2ghz 1.9.0 or ZeroSPU 0.46

Description:
Story mode plays great, silky smooth with no problems. The game crashes when you try to play a level created in the mission editor. You can create a level just fine but it wont load, and neither will the precreated missions. Just go to new mission and don't even bother adding anything. Save it and try to play.

UPDATE

For anyone who has this problem just increase the clamp under advanced options to full. That solves it.