BTW, my problem does not depend on the version of wine. I have done all tests under wine-1.2.4 also. Under recent wine-1.3.4, commands in the context menu do not work, but I assumed you had enough problems at hand.
I've cleaned the directory where utorrent.exe lives and "/home/${USER}/.wine/drive_c/windows/profiles/${USER}/Application Data/uTorrent". Hangs after the "Choose Language" window, "settings.dat.old" and "settings.dat" have been created. If you have an archive of beta releases, I can try them to locate a release when the problem was introduced.
uTorrent beta (2.2 build 22117) under wine-1.3.4 freezes at startup and loads CPU, shows no GUI. Some previous beta version worked OK, but I can not recall its number. The log: The last 2 lines are repeated many times.