Ha, it's not the CDROM, but I know what it is at last! You've given me an idea when you said CDROM though, and I saw that the one who started this thread uses Mandriva.
The "problem" seems to be with supermount. It's a kernel patch, I hear that Mandriva uses it in all its kernels, I use it too. You tell the kernel that a certain mountpoint is to be managed by supermount and it mounts it automatically if anything accesses it. It works over FUSE, if that's worth anything.
So, I tried taking supermount off the CDROM drive and dosbox still crashed. But when I disabled ALL the drives that use supermount it worked like a charm. So it appears that SDL probes all the mounted drives and it chokes if it finds even a single one that uses supermount, doesn't matter what it is (CDROM or not).
I'll see what I can dig up. I hope there's a way to tell SDL to not probe stuff. I've also let the guy who maintains the supermount patch know about this thread.
Giving up supermount is not an option, I have too many drives that use it (cdrom, floppy, card reader, USB stick, Windows partition). I'd go crazy mounting them by hand. Thank God at least that dosbox work with that MALLOC_CHECK trick.