Have you tried to reboot your device?
Hope that helps.
Rebooted & re-installed. Still crashes.
Few more questions:
How much free storage do you have on your device?
How large (widht+height) is the image you are working on? ...plus how many layers?
Does this occur to all the effects or just a specific one?
Are you trying to apply the fx to the whole image or a selection?
Are you working in portrait or landscape?
Are you running PS Touch on a rooted device?
does the update that we just released solve the issue?