Activation of trace module leads to WSOD

I have installed Trace module for Drupal 5. Everything was ok. Then activated, switched on several checkboxes to trace for SQL queries, errors etc., then clicked OK.
Then, on the next page refresh the correct log file was created, but everything after went to a White Screen Of Death.
Since that, the site is no longer working. All that I can see is a WSOD. Note, that this is happening from the browser from which I usually log on. I tried another browser - it shows me 'Page not found' at all! Other, non-drupal files are accessible. That means, no memory problem and no server problem is occured.

As well there are NO error messages from the server's error log!! Manually toggling trace module through DB is not working. Besides this, I have debugged the code by using "exit();" function. It seems that the code didn't event go till this module and the problem is somewhere else.

Please help to figure out where the problem is. Trace module is killing the project.