When starting uTorrent 1.1 (and 1.1.1 dev) on My DELL desktop Windows XP x64,
the app fails to load when DEP protection (no execute) is turned on (turned on for all applications).
To get it to work again I had to add an exception for uTorrent in DEP settings.
After that it works just fine.
Maybe you have some way to fix this?

Is there any particular reason you are using version 1.1? I think 1.8.1 is the newest release.

If you've added an exception for uTorrent and it's working what's the problem?

I don't use torrent but my reason for asking why you haven't done a version upgrade, was the possibility the new version might be DEP compatible and would not require a DEP exception.

Granting DEP exceptions is risky because you are providing a work around for software that doesn't follow the rules when it accesses memory, since DEP prevents code execution in memory areas reserved for data.