Index: phlib/queuedlock.c
===================================================================
--- phlib/queuedlock.c	(revision 4068)
+++ phlib/queuedlock.c	(working copy)
@@ -104,19 +104,11 @@
     __in BOOLEAN WakeAll
     );
 
-static HANDLE PhQueuedLockKeyedEventHandle;
+static HANDLE PhQueuedLockKeyedEventHandle = NULL;
 static ULONG PhQueuedLockSpinCount = 2000;
 
 BOOLEAN PhQueuedLockInitialization()
 {
-    if (!NT_SUCCESS(NtCreateKeyedEvent(
-        &PhQueuedLockKeyedEventHandle,
-        KEYEDEVENT_ALL_ACCESS,
-        NULL,
-        0
-        )))
-        return FALSE;
-
     if ((ULONG)PhSystemBasicInformation.NumberOfProcessors > 1)
         PhQueuedLockSpinCount = 4000;
     else
@@ -286,6 +278,37 @@
     return waitBlock;
 }
 
+FORCEINLINE VOID PhpEnsureQueuedLockKeyedEventCreated()
+{
+    while (!PhQueuedLockKeyedEventHandle)
+    {
+        NTSTATUS status;
+        HANDLE keyedEventHandle;
+
+        if (NT_SUCCESS(status = NtCreateKeyedEvent(
+            &keyedEventHandle,
+            KEYEDEVENT_ALL_ACCESS,
+            NULL,
+            0
+            )))
+        {
+            if (_InterlockedCompareExchangePointer(
+                &PhQueuedLockKeyedEventHandle,
+                keyedEventHandle,
+                NULL
+                ) != NULL)
+            {
+                // Another thread created the event before we did.
+                NtClose(keyedEventHandle);
+            }
+        }
+        else
+        {
+            PhRaiseStatus(status);
+        }
+    }
+}
+
 /**
  * Waits for a wait block to be unblocked.
  *
@@ -319,6 +342,8 @@
     {
         PHLIB_INC_STATISTIC(QlBlockWaits);
 
+        PhpEnsureQueuedLockKeyedEventCreated();
+
         status = NtWaitForKeyedEvent(
             PhQueuedLockKeyedEventHandle,
             WaitBlock,
@@ -356,6 +381,8 @@
 
     if (!_interlockedbittestandreset((PLONG)&WaitBlock->Flags, PH_QUEUED_WAITER_SPINNING_SHIFT))
     {
+        PhpEnsureQueuedLockKeyedEventCreated();
+
         if (!NT_SUCCESS(status = NtReleaseKeyedEvent(
             PhQueuedLockKeyedEventHandle,
             WaitBlock,