An application can't really directly crash the OS, it pretty much has to involve a driver for that to happen. For what it's worth I run Photoshop on Windows 8.1 and haven't had any system instability whatsoever.
Regarding being able to use Photoshop CS5 successfully... It's a given that Photoshop CC doesn't use the GPU in all the same ways as its predecessors. It will most certainly be using more advanced features.
You say you've updated all your device drivers... Could you provide a little more info? Specifically what video card do you have What display driver version? From where did you get it (Microsoft's site = bad, manufacturer's site = good)?
A lot of pertinent information can be retrieved from the Help - System Info panel in Photoshop. If you copy that data and post it here in the forum, perhaps someone will spot something specific and provide more direct advice as to what you might try to make your system work reliably.
Oh, and I almost forgot... There may be alternate settings (e.g., in Edit - Preferences - Performance - Advanced Settings) that could avoid the use of GPU calls that could be unstable on your system. You will need to close and restart Photoshop after making any changes there and before testing. Given the failures you're seeing, it might even be a good idea to do a full reboot after making a change (e.g., to Basic drawing mode), just to make sure any latent problems from a prior Photoshop run aren't kept around.
Best of luck.
From that description, I'd guess a hardware error - most likely bad RAM, possibly a bad video card or power supply.
True... Or possibly an overheat situation.
I thought the same thing but have run extensive diagnostics and can come up with no errors. I even went so far as to re-seat all the memory and cards. If I could just get it to fail on another app I would have some ammunition for HP.