I have the same problem.. I just bought a new machine, and I've installed VS 2008 and SP1. I can create new websites etc, but as soon as I click on the "Open Website" on the File menu, it freezes. I've used VS 2008 on other machines in the past without any issues.
I've tried reinstalling both VS 2008 and SP1, but it doesn't work.
I'm using Windows Vista Enterprise x64.