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Here with 2.7.5 on Windows (Vista):
C:\Python27>python.exe
Python 2.7.5 (default, May 15 2013, 22:43:36) [MSC v.1500 32 bit (Intel)] on win32
Type "help", "copyright", "credits" or "license" for more information.
>>> import io, sys
>>> fd = io.open(sys.stdout.fileno(), 'wb')
>>> fd.close()
>>> sys.stdout.write("now writing on stdout will cause a crash")
At this point Windows pops up a box saying "python.exe has stopped working". I don't have a debug build available, and all I can find out is that it's a memory error in this line, somewhere in MS's C libraries:
and dword ptr ds:[718DD7A0h],0 
So, ya, it's a crash ;-)