Torchlight defaults to running at the highest possible resolution when it is run for the first time. If that resolution is too high, it will run out of memory and crash every time.
To choose a lower resolution, go into Documents -> My Games -> Runic Games -> Torchlight 2 and edit the file called local_settings.txt. There are two lines that start with the words "RES_WIDTH" and "RES_HEIGHT". I changed my RES_WIDTH from 2560 to 1920 and my RES_HEIGHT from 1418 to 1080.
Following some advice from Jack Phinney, I used the instructions at http://www.codeweavers.com/support/wiki/mac/mactutorial/registry_keys to create the registry key "HKEY_CURRENT_USERS/Software/Wine/Direct3D" and create a string value in it called "VideoMemorySize". I set the VideoMemorySize value to the same number of megabytes that my video card has. Yours will probably be 512, 1024 or 2048. I can now play the game at 2560x1440.
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