If colinux hang on the "calibrating delay loop "( bogomips caculating procedure),try to disable the Intel VT technology in BIOS.It shuold help to resolve the problem.
The running enviroment :
Thinkpad X61 windows vista Professional colinux 0.7.9 stable + debian6.0+ubuntu7.10
the lpj=400000 argument is no function under vista.It will leads the windows vista host halt. [1]