Both my own examples and the OculusWorldDemo fail if I attempt to use them with OpenGL in Direct HMD mode. This is on a GeForce 650 Ti running driver version 340.52.
In the OculusWorldDemo the failure occurs on line 141 of Render_GL_Win32_Device.cpp:
HGLRC context = wglCreateContextAttribsARB(dc, 0, attribs);
The context returned here is NULL, but the code doesn't actually check the return value, so the crash occurs much later in Render_GL_Device.cpp, where the code attempts to perform a strstr on the value returned from glGetString(GL_VERSION). Again, the return value here is null, but the SDK isn't checking for it, so the strstr is attempting to read from the NULL pointer.
Brad Davis - Developer for High Fidelity
Co-author of Oculus Rift in Action