Does it hang when you choose "Start with full compile" in the IDE? If so, it's possible that one of your source files is truncated or corrupt. Create a new project and add each of your forms and modules and recompiling until one fails. You might also open each file in notepad and scroll to the bottom of the file and see if you're missing something -- the last line should be an End Sub or End Function.
If it does not hang in the IDE when starting with full compile, try deleting the exe before you start the compile.