How does the machine respond after the 2 minute hang?
816873 - Windows XP Welcome Screen Appears to Stop Responding (Hang) During Logon
329457 - Computer Seems to Hang When You Log On
Slow Logon to Windows 2000 Domains
FAQ779-4017
Broadband Internet Connection Tweaking
Have a look at this Group Policy.
Computer Configuration\Administrative Templates\System\Logon\ Always wait for the network at computer startup and logon
Disable any unused Network Adapters in Device Manager. Replacing the NIC or upgrading the drivers may resolve the problem.
Try Safe Mode (Do you have this problem in Safe Mode?).
Try another user profile in case a corrupt profile is the cause?
811151 - How to Copy User Data to a New User Profile
To get further information about the error look in your Event viewer.
Look in the System or Application folder. You can get to the Event Viewer via right click My Computer icon and select Manage.
Any errors logged in the Event Viewer can be expanded by double clicking on the error line.
Take any event error I.D. number and search for it on these sites.
If the problem occurred after installing a device driver or application, try using Safe Mode and removing the driver or program.
To check your RAM.
To check your Hard Drive.
Try running ChkDsk to check your drive for errors. Right-click your Drive icon/ Properties/ Tools/ Error Checking. Select both boxes.
The drive manufacturer will have free diagnostic software to check your drive for problems.
To check your drivers.
HOW TO: Verify Unsigned Device Drivers in Windows XP
To check conflicting software.
310353 - How to Perform a Clean Boot in Windows XP
316434 - HOW TO: Perform Advanced Clean-Boot Troubleshooting in Windows XP
310560 - How to Troubleshoot By Using the Msconfig Utility in Windows XP
Check your computer for spyware and adware.
See if you have any services that are flagging as "Starting" but not actually running.
Some general things to try.
See if System Restore will get you back to a restore point before your problem with Windows.
Run the System File Checker program from the Run Box by typing.....Sfc /Scannow in it and have your XP CD handy.
If they don't work you could try repairing windows itself by running it over itself. You will lose all your windows updates but your files will be untouched.
How to Perform an In-Place Upgrade (Reinstallation) of Windows XP (Q315341)