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Don't know what the problem is, but here are some things you can try:
If you haven't added added any accounts/feeds to Opera yet, close down Opera and delete the mail folder. Then, start Opera and try to add an account again.
If it still crashes, delete the mail folder again.
Then, open Opera and goto "ctrl + F12 -> advanced -> security". Uncheck "use master password to protect saved passwords". O.K. out and close Opera.
Start Opera again and try to add an account to see if it works. If it doesn't, close down Opera and delete opcert6.dat in the preferences folder. Do not do this step unless you do the previous step.
Then, start Opera and try to add an account again. If everything goes O.K. with the account, try setting up a master password again and see if Opera still doesn't crash.
If it's an issue with your password file being corrupted (wand.dat), you can close down Opera and delete it (and opcert6.dat). They're in the preferences folder. You'll lose all store passwords for sites and mail. But, it might fix the problem.
If you haven't added added any accounts/feeds to Opera yet, close down Opera and delete the mail folder. Then, start Opera and try to add an account again.
If it still crashes, delete the mail folder again.
Then, open Opera and goto "ctrl + F12 -> advanced -> security". Uncheck "use master password to protect saved passwords". O.K. out and close Opera.
Start Opera again and try to add an account to see if it works. If it doesn't, close down Opera and delete opcert6.dat in the preferences folder. Do not do this step unless you do the previous step.
Then, start Opera and try to add an account again. If everything goes O.K. with the account, try setting up a master password again and see if Opera still doesn't crash.
If it's an issue with your password file being corrupted (wand.dat), you can close down Opera and delete it (and opcert6.dat). They're in the preferences folder. You'll lose all store passwords for sites and mail. But, it might fix the problem.