at a first view this one seems a non-security related bug, something probably in the configuration of the server (map, mod and so on).
The server enters in a loop where it crashes continuely.
Naturally nobody is excluding a possible vulnerability but I'm not aware of out-game bugs in the latest version of bf1942.
I talk about the "latest version" because bf1942 is one of the games which uses the Gamespy SDK on which I found a Denial of Service caused by a NULL pointer exploitable from outside the server in the far 2004 and that has been fixed very very slowly by these games:
http://aluigi.org/adv/gshboom-adv.txt