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The simulator crashes when trying to play audio.
13:22:14.211 App [2965:5603] <0xb03e7000> Error '!obj' trying to fetch default input device's sample rate
13:22:14.211 App [2965:5603] <0xb03e7000> Error getting audio input device sample rate: '!obj'
13:22:14.213 App [2965:5603] <0xb03e7000> AQMEIOManager::FindIOUnit: error '!dev'
My mac mini don't have an internal microphone,the Setting->sound->input list is empty. It worked when I insert an external one .
iDeveloper's answer fixed this crash for me as well, although in my case the sound system setting had its input set to my digidesign card. The point is, this crash happens when the System Preferences "Sound" setting for input is set to something other than internal mic.
Selecting "internal microphone" instead of "Soundbooth 3.0" in the sound system settings for input did the trick.
Conclusion: The simulator does not seem to like anything other than the internal microphone.