I had the same problem but thanks to this forum it is now fixed.
First I removed the letters 'rhgb' from /boot/grub/grub.conf to prevent the graphical boot. This stopped it from freezing at 'Configuring kernel parameters'.
I then had shell access to my system but not graphical.
I logged in as root and then re-ran the script provided by nvidia to reinstall the kernel module.
I had already changed my xorg.conf file when I initially installed the module so I skipped that bit.
Immediately after reinstalling the nvidia module I typed this (provided by 'wiraone' and 'indole'):
cp -a /dev/nvidia* /etc/udev/devices
chown root.root /etc/udev/devices/nvidia*
Boot the computer, and if it works then you can add the 'rhgb' bit back into your grub.conf file to get your fancy boot screen thingo goin'.
This is all pretty much stuff that is already mention on this page. The thing I did different that made it work for me was to run the commands provided by user 'wiraone' immediately after reinstalling the module.
OK I think that's enough rambling. I hope all this wasted page space actually helps someone.