1. Does this happen with EVERY project?
2. Do you have any media located on external hard-drives? Try moving the assets into the local drive and see if it still freezes.
3. Uninstall and re-install the application.
I don’t like the idea as well, because it really decreases the audio capabilities of the Production Studio by a great extent. I really hope Adobe continues to offer Audition in the “premium” video bundle…
Don’t get me wrong: Soundbooth is fantastic! But, its no Audition.
It appears as if your Scratch Disk has run out of space. Delete the file from your project, empty up the harddrive and then re-import the generated file.