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I've had this error plagueing me for the past 2 weeks and looks like i've fount out the hard way through a lot of testing in League of Legends which has amounted me to getting various reports and over 10 leaves.
Riot have said that the issue is infact within the Computers we use. Not the client.
This is true.
1. Reinstall League of Legends
1. Reinstall Adobe AIR, DirectX, Framework's, and League of Legends
1. Reinstall Adobe AIR, directX, Frameworks', Pando Media booster and League of Legends
2. Make sure all files deleted including in Recycle Bin
3. Restart PC then load LoL
1. Format your PC (Make sure to Backup only neccesary files, don't include LoL)
2. Reinstall DirectX and League of Legends
Solution #5 (The solution that worked for me)
1. Format PC
2. Update Windows
3. Don't update your Graphics Drivers past July 2010.
(For myself I use NVIDIA 7600 GS and when updating I would crash)
4. If already updated, Unistall the drivers in Control Panel > Devices
5. Then restart PC, do windos update for default drivers (Should be July 2010)
6. Restart PC again
7. Re-install all neccesary programs for League of Legends
The main issue is that when updating the new drivers for NVIDIA, especially 7 Series 7600 GS Nvidia, it doesn't work for LoL and you get a bugsplat error.