Hi Joel,
I haven't heard of a mass compile "hanging" before. Although, I can say that the last time I mass compiled my 7.1 directory, it took about 2 hours to complete (maybe only an hour, but a while nonetheless). Do you have another computer around you that you could test this on? It's possible that something just went wrong in the installation. Give this a try and let me know what happens.
Take care,
Travis H.
LabVIEW R&D
National Instruments