OS reinstall may be worth doing but as others have said some ropey sectors on your HD might be causing it. Having said that, iTunes can be a hog and cause problems. If it's only that app causing the crashes you could back up your library, delete all iTunes software and preferences and install from scratch.
If you want to repair your HD the OS may not let you run Disk Repair without booting from an install CD – you'll have to put the CD in, restart and hold down the C key (though you need a little confidence as it initially appears to run the install but after OK'ing language etc you can opt to run Disk Utility from the top bar menu). While you have Disk Utility open I'd repair disk permissions as well.
Also in Utilities is the Activity Monitor, which is like Task Manager for Windows. It will at least tell you what's eating CPU, RAM and virtual memory.
You could download a utility tool such as Cocktail, Applejack or Onyx to do some logfile tidying and miscellaneous tasks but I doubt they'd fix a crashing machine. Hope you get it sorted. Back up your data whatever you do (or even if you do nothing)!