Using CS5.5, I encounter choking using PREVIEW RENDER or MEDIA ENCODER when attempting to process files containing lengthy shots (let's say, one minute or more) using Warp Stabilizer. The overall processing zips along quite nicely until, I presume, my PC motherboard memory cache is filled using system resources and it continues in hard drive cache but at a rate that makes a snail look speedy.
I assume you are DL'd to an AEFX comp because there is no Warp Stabiliser in Premiere.
Try creating an intermediate from EFX instead.
The effect is very intensive and slow to process. That's normal.