My machine froze during boot with the line:
Setting system time from the hardware clock (localtime).
I started looking in forums and found an old post about someone having the same problem. He said CTRL-C didn't work for him, but I tried it and my system finished the scripts and allowed me to log on. I found from replies to that post that /etc/rc.d/rc.S is the script that runs the /sbin/hwclock program. I found the --show option in the man pages and tried it; hwclock froze. This makes me think it may be a BIOS or hardware problem.
Slackware 9.1 OS
Asus A7A266 Motherboard with 1.6 GHz AMD and 512MB RAM
80 GB Hard drive, hda1 is 1GB swap, hda2 is 15GB /, hda3 is the rest for /home
The rest probably isn't important, but it has 2 Ethernet cards, a Ge-Force 2 video card, a cheap seal 32 bit sound card and 52x CD-ROM drive.