If are looking at old saved scenes or figures that were done with External Binary Morph targets enabled, and they referenced data saved in PMD format  (Poser's binary format) then they may not be recoverable.  Can you try with a new blank scene, newly loaded ORIGINAL M4 (the one the DAZ installer wrote), and newly loaded ORIGINAL conforming item?

Have you installed SR2 or SR3?

Exactly when does it hang, only when rendering?  What are your render settings?  Does it always hang on all forms of content, even an empty scene?

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