Patch Tuesday January 11, 2011 causes BSOD on Windows 7
I installed the driver updates, rebooted and then installed KB2454826 by itself and it worked!
If you get the BSOD, just press F8 right after the Dell logo goes off the screen to get into the Safe Mode menu and then choose "Safe Mode".
At that point safe mode sees the failed update and backs it out for you.
You will still need to resolve the conflict or it will just BSOD again the next day when the update installs again.
** A few hours later after the original post **
During my updates last night I found that updating Vostro 230 mini-towers would still BSOD even after I updated the drivers.
Uninstalling Symantec Antivirus 10 (SAV) before installing KB2454826 seems to be the solution for those computers that don't respond to driver updates. Re-installing SAV after the installation of KB2454826 did not cause any new problems.
If you still cannot find the source of the problem, you can hide the update on those PCs.
(Right click on the update and choose "Hide Update")
There also some people who are saying that sptd.sys can cause the BSOD.
That file is part of Daemon Tools and Alcohol 120%. We don't use those here.
** Update 3 **
Update your graphics card drivers. The best bet is to get them from the manufacture's website.