It's interesting, I've actually had this crash occur when playing the PSone version.
One minute, just walzing through Terminal 5 of Feeco Depot and then BOOM! the game goes all pixelated and glitchy like Missingno just hijacked my TV.
Funnily enough, the game was still trying to run. I do say "trying" as it was progressively taking longer and longer to make it actually run and respond as the game was left in that glitched state.
a.k.a. Awesome / Alright / I did it! (in Japanese)