I just opened the error log via SQL Server Management Studio and then suddenly my production SQL box is now at 100% CPU. After I closed the error log I noticed in DPA that there are now 9 sessions open/runnable for the IgniteMonitor service. I've had issues in the past with this and we thought it was due to the version of SQL server we are on (2005 SP3). Unfortunately this has happened again, and it's at a bad time in the day. Just thought I would throw it out there to the community to see if anyone else has had any similar issues, perhaps with different versions of SQL Server (higher than mine).
Have you checked out task manager when this is occurring? Was the xp_errorlog consuming a lot of CPU? Another process? Was CPU rather highly utilized and this could have been the proverbial straw?
To answer your question though, I haven't heard of other cases where CPU utilization was driven that high up by accessing the error log. From DPA, we do it with parameters and limit the timeframe we're searching...