Hey, I'm doing an extremely in-depth analysis of why the chocobo races crash FF7 under Windows NT/2000/XP, complete with disassembly and single-stepping through the innards of the program. In the process of this, I have extracted the chocobo.lgp file, which contains a resource called 'chocobo.wat'. I'm starting to do an analysis of the make-up of this file, but I stumbled across this forum and thought somebody here might've already done it.
If I manage to track down either the cause (and/or solution) to the crashing, or information on the chocobo.wat file, I'd be more than happy to post it or email it to any interested parties.