Flush your media cache folder and trash the prefs so the program recreates the pertinent settings and data from scratch untainted.
Thanks for your time guys!
When I took a closer look at the QT files i realized I'd been in the wrong Library/Quicktime...
So how do I know which files to keep? Just trial and error until it works or do you know which files specifically should be there as default?
You can start by removing all of the QuickTime importer components. If your hang goes away, then you can start adding things back to find the culprit.
I've noticed in a lot of these cases that an AVI importer component has caused problems. I think that it may be installed by Flip4Mac (but I'm not sure).