Comment 4 for bug 14277

Did you try "noapic"?

Judging by the order of the devices on your PCI bus, the hang is occurring when
loading the driver for this device:

0000:01:00.1 Multimedia audio controller: Neomagic Corporation NM2200
[MagicMedia 256AV Audio] (rev 20)
 Subsystem: Gateway 2000: Unknown device 3300

This device is handled by the snd-nm256 (ALSA) and nm256_audio (OSS) modules,
and nm256_audio is blacklisted by alsa-base, so snd-nm256 seems likely to be the
module where the hang is occurring.

You should be able to test this hypothesis by adding snd-nm256 to
/etc/hotplug/blacklist (which will prevent it from being loaded by default).
The system should boot normally, and should hang when you "sudo modprobe snd-nm256".

The next step is to get a trace from the hang, using the instructions at
http://www.ubuntulinux.org/wiki/DebuggingSystemCrash