I'm using 1.1.9 on Mac ( 10.5.8 ) and I've discovered an easy way to cause VLC to flip out and take 90% CPU.
Steps:
1 Click the Play button.
2 On the "Open Source" window that opens, immediately click Open without selecting a file.
Done. VLC is now using most of your CPU and the Play button is no longer functional. If you click on the stop button, VLC will start spewing errors in an endless loop while drawing black windows titled "keyedobjects.nib".
This particular way to break VLC has been around for may versions now.