OS/2 hangs after installation
From OS2World.com Wiki
Last Updated: 27th November, 1994
Following installation, OS/2 displays the new logo screen and hangs.
Ensure that no two adapters share an IRQ setting. To help determine which driver is being loaded at the time of the hang (and thus which adapter may be a part of the problem ), re-boot and press Alt-F2 when the "boot-blob" (small white rectangle in the upper left corner of the screen) appears. This will list each driver as it loads.
If the hang occurs later in the boot process, try adding /V parameters to various drivers; this may yield additional information about which drivers are or are not operating as expected.