Hm check drivers and test your system. BSOD shouldn't happen, just in case try with normal 1.32b/c quake 3, not ioquake3.
VOGON mod is compiled as QVM, which makes it very secure, because virtual machine (VM) can't access system things, nor cause any system errors. At worst it can only cause Q3 errors, nothing outside it. Virtual machines are safe to use, and Quake 3 VM code is tested thoroughly. After all Q3 itself relies on it to run (inside it's own PK3 files there are qvm's) and we run same mod on server for months now without problems.
If you can reproduce BSOD then send me config files, quake3 executable and mod itself. If you can pack entire Q3 directory, without demos, screenshots and pk3 files (pack and exclude .dm_68, .pk3, .tga, .jpg). I can then test it myself and check file integrity.
Also try searching for this, it seems as common error and driver-related. Mod cannot touch any driver, so mod is most probably not causing it.
http://www.google.com/search?q=%22IRQL+not+less+or+equal%22&num=100