IMac 27 i5 2011 crashes on itunes

Question

I bough a brand new iMac in August 2011
iMac 27 Mid 2011
Have a really big and super annoying problem issues on iTunes App. If i do not open this app everything is run smoothly but each time i tried to open this app (not even create or play the music) it's a freeze and crash. Mouse and keyboard is not response and nothing can do, only hard reset with the bottom in the back of the machine
Here is the list what i have tried and it's doesn't work at all
1. Reinstall OSX Lion and then upgrade to 10.7.1
2. Goto to service store in Local and run the hardware test: Nothing is fail on the tests!!
3. The shop recommend me to go back to Snow Leopard. Nah! Still not work it still hang and freeze with itunes
4. Tried clean install of each OSX and it's not work
5. Called the apple care and they recommended to update OSX and Itunes to latest version to avoid crash between application and OSX and it's nothing to help. Its still freeze again and again.
6. Called the apple authorize vendor and ask for replacement of iMac they say it's over the reimburse date and i can't get the new Mac
Update
7. Install new java update and fix permission also not work **sigh**
Now i really lost hope on my brand new and first Mac. Anyone have the same issue and any recommendation?

Answer 1

And here is another message around the crash time
9/3/11 11:56:11 AM          com.apple.WindowServer[66]          Sat Sep  3 11:56:11 xxxxxxx-iMac.local WindowServer[66] <Error>: kCGErrorFailure: Set a breakpoint @ CGErrorBreakpoint() to catch errors as they are logged.
9/3/11 12:00:49 PM          com.apple.launchd[1]          *** launchd[1] has started up. ***
9/3/11 12:01:02 PM          com.apple.launchd.peruser.501[86]          (com.apple.ReportCrash) Falling back to default Mach exception handler. Could not find: com.apple.ReportCrash.Self
9/3/11 12:01:04 PM          com.apple.launchd.peruser.501[86]          (com.apple.Kerberos.renew.plist[109]) Exited with exit code: 1
9/3/11 12:01:05 PM          com.apple.launchd.peruser.501[86]          ([email protected][112]) Exited with exit code: 1
9/3/11 12:12:40 PM          com.apple.launchd[1]          *** launchd[1] has started up. ***
9/3/11 12:12:53 PM          com.apple.launchd.peruser.501[86]          (com.apple.ReportCrash) Falling back to default Mach exception handler. Could not find: com.apple.ReportCrash.Self
9/3/11 12:12:54 PM          com.apple.launchd.peruser.501[86]          (com.apple.Kerberos.renew.plist[109]) Exited with exit code: 1
9/3/11 12:12:55 PM          com.apple.launchd.peruser.501[86]          ([email protected][112]) Exited with exit code: 1
9/3/11 12:35:29 PM          com.apple.launchd[1]          *** launchd[1] has started up. ***
9/3/11 12:35:44 PM          com.apple.launchd.peruser.501[86]          (com.apple.ReportCrash) Falling back to default Mach exception handler. Could not find: com.apple.ReportCrash.Self
9/3/11 12:35:45 PM          com.apple.launchd.peruser.501[86]          (com.apple.Kerberos.renew.plist[109]) Exited with exit code: 1
9/3/11 12:35:45 PM          com.apple.launchd.peruser.501[86]          ([email protected][112]) Exited with exit code: 1
I tried to run and playing music without Album cover art and it still freeze