Waiting for localhost, forever!
I found that creating a new app pool, then assigning the (already created) web site to it resolved this.
Does this only happen on debug (ie F5)?
If that is the case, my guess is that you are hitting a breakpoint?
If you hit a break point, the browser appears to be dead... but in fact VS is waiting on you to respond...
My trainer came up with a brilliant solution, he shut down VS 2010 and restarted it. Problem solved.
Almost sounds like the database connection is going off neverland.
If your timeout on the connection and/or command is set pretty high, like 300 (which is 5 minutes) then it would appear to just hang forever if it is unable to make that connection.
The first thing I'd try is to set the connection timeout to something reasonable like 15 seconds in the web.config.
Then I'd run it again.
Assuming you get a connection failure, I'd use another tool to try and connect to the database using the settings in your web.config.