Has happened to me as well. In my case, if I waited long enough, the console would load and I could shut down a few things.
I permanently disabled a few different services related to HP's media streaming feature: twonkey.exe and firefly.exe (rdc to the server as administrator and with password you use to connect to the console. run Services.msc and stop then disable those two services.)
You may also notice that QSM and Demigrator are using a lot of CPU. Do not mess with them.
I'm not certain, but my problems (and possibly yours) could stem from an HDD going bad. A few different SMART tools tell me my bad sector count on my system drive is getting up there. You should check your drives as well.
To check SMART status on WHS, I use Home Server SMART: http://www.dojonorthsoftware.net/Freebies/HomeServerSMART.aspx plugin. SpeedFan: http://www.almico.com/speedfan.php provides more insight, but must be installed/run on the server itself (not as a plug-in.)