Hi Frank,
I've run into this problem before myself. The problem I ran into was caused by the focus of my directory browser (that left-hand side browsing area) being on the root directory (C:\), and I had it set to recursively display all files in the file browser (that right-hand side listing) -- so it was trying to display my entire hard drive and its status, or lack thereof, in CVS!
You may be having a different problem, but you may want to check that your recursive-display (View -> Flat Mode?, i believe) You may have to wait until it's done crunching to change the setting, though.
If this is the problem, hitting the ESC key will bypass the loading and allow you to change the settings without having to wait.
Matt
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