I haven't heard of a mass compile "hanging" before. Although, I can say that the last time I mass compiled my 7.1 directory, it took about 2 hours to complete (maybe only an hour, but a while nonetheless). Do you have another computer around you that you could test this on? It's possible that something just went wrong in the installation. Give this a try and let me know what happens.
Yes, I've tried opening the problem vi and re-saving it, but LabVIEW seems to hang simply opening it. Perhaps there's something inside that VI that's conflicting with something in the rest of my system?
You could try moving that VI (or llb) to another directory, which isn't being compiled, and then move it back after the compiling is done (assuming it will be done).
The calculator example constructs an instance of a .Net assembly called calculator. I suspect the problem has to do with that assembly (or any .Net assembly on your computer perhaps?). Does this ring any bells?
Ah, yes. The .NET 2.0 beta and LV 7.x do not get along in many cases. It isn't the mass compile as much as the LV .NET integration code and the 2.0 beta that are having trouble.
Just to verify that this is the problem, try creating a blank VI then dropping a .NET Constructor node onto the diagram. If your system locks up with 100% CPU, you're going to need to avoid the LV .NET integration or uninstall the 2.0 beta.