I get the same hang at missing fonts.
I think the best hope for recovery is probably Markzware and their ID2Q - Q2ID recovery service (Fix Your Bad InDesign Files!) but you'll have to weigh the cost of recovery against the cost of rebuilding. Do you have any backups (perhaps from Time Machine on your assciate's Mac) that you could use as a starting point?
What is "Time machine"?
Time machine is the built-in backup utility on Mac. If it was set up and operating there may be a backup copy of your file sitting on a backup drive.
It hung on my machine, Intel Mac CS5.5. I tried various ways of opening, but still failed.
4: Most recent Save on Macintosh 10.68 in app version 188.8.131.525 (InDesign Roman) build 355 on Wed Sep 14 17:01:53 2011
First: you really need to upgrade to 7.0.4!
The integrity of the document database doesn't seem to be compromised so it must be some really weird setting inside an object.
Fonts used in the document:
Kozuka Mincho Pro
Times New Roman
Symbol "Medium" (probably the default Mac OS X Symbol)
ITC Berkely OldStyle
Times (TT) [*]
([*] This latter one I can't figure out what it is for, but it's quite likely just the default paragraph font.)
I list the fonts for convenience 'cause InDesign really cannot dig damaged fonts, and is known to freak out for no real reason when one is damaged (well, I guess it could show a pop-up or something when you try to use an unusuable font). Perhaps you recognize one of these fonts as a previous troublemaker.