Dont know if this has been resolved yet, but found it on google when doing a search, since I have the same issue in my game.
I have a save game where R is standing at the lake, before meeting the kraken. This happens:
If I walk up to the lake, the game freezes (infinite blinking skull icon).
If I walk out of the room, then back again and up to the lake, freeze.
If I stay in the room, look around everywhere, then walk up to the lake, freeze.
If I walk out of the room, then back in, and then look around everywhere, no freeze.
Thought ya might like to know.
Edit: Game is running on WinXP