This severe hanging in Visual Studio 2008 is a known issue and Microsoft says they're working on a fix (other than the aforementioned and not very helpful hot fix), but have no time frame. I've heard it has to do with Visual Web Developer, Ajax Extensions, and Toolbox loading, all working against each other.
Some posts that have helped others (but not me) are:
(1) Disable HTML validation - Tools\Options\Text Editor\HTML\Validation\ uncheck "Show Errors" checkbox
(2) Disable checking for certificate revocation - IE7 Tools\Internet Options\Advanced\Security Node\ Uncheck 'Check for publisher's certificate revocation'; IE6 Tools\Internet Options\Advanced Uncheck 'Check for publisher's certificate revocation'
(3) Uninstall Web Expressions
Now, what helped me somewhat was this:
(1) Uninstall certain Office2007 components - MS Office Groove, MS Office InfoPath, Web Themes, and New and Open MSO Document Shortcuts. To do this, go to Add/Remove Programs and choose CHANGE (not Remove) for Office 2007. Then choos Add/Remove radio button, then select the above modules and let the wizard do the rest.
(2) Repair Visual Studio 2008. Put the disc(s) in and choose Repair.
The hotfix and first 3 thigns didn't help me, but the last 2 did.
I hope one of these thigns helps. It can be counter productive to say the least.
-Robert