We've seen behavior similar to this, but
Productstream doesn't "hang" it yields an error message:
"Process performance counter is disabled, so the
requested operation cannot be performed."
This occurs when the Extensible Performance Counter
for the PerfProc object is disabled. To verify that this is the case and to
address the problem go to Start > Run... and type exctrlst.
This will start the Extensible Counter List
utility.
Search in the List for the PerfProc object and check
whether the option "Enable Performance Counters" is enabled. If it is not
enabled you need to tick the box and close the dialog to allow the Edit function
from Productstream to work.
Hope that helps your problem, but I don't know if
it's the same as what we've found or not.
FWIW, we're publishing this as a technical solution
TS1053576, but it's not yet on the web site.
Thanks,
Bob