I think that it's the same bug summitted as #2669 and #2858.
Here goes the gdb backtrace result.

root@hosting:/usr/local/apache# gdb bin/httpd core

Core was generated by `/usr/local/apache/bin/httpd'.
Program terminated with signal 11, Segmentation fault.

(gdb) bt
#0  0x0 in ?? ()
#1  0x80bfe50 in php_body_write (str=0x8108aea "", str_length=0)
    at output.c:148
#2  0x8054b82 in php_error (type=1, 
    format=0x8107400 "Maximum execution time of %d second%s exceeded")
    at main.c:454
#3  0x8054d0e in php3_timeout (dummy=27) at main.c:501
#4  0x40471888 in __restore ()
    at ../sysdeps/unix/sysv/linux/i386/sigaction.c:127
#5  0x80d8fb9 in standalone_main ()
#6  0x80d9501 in main ()
#7  0x4046a453 in __libc_start_main (main=0x80d9284 <main>, argc=1, 
    argv=0xbffffc04, init=0x804bd08 <_init>, fini=0x8103e00 <_fini>, 
    rtld_fini=0x4000b920 <_dl_fini>, stack_end=0xbffffbfc)
    at ../sysdeps/generic/libc-start.c:90

(gdb)