No, the Web Updates are cumulative, meaning they have all changes included.
Most likely the "hang" you saw last time was the Content Download. The installer downloads additional content for Revit during installation, and it can appear to hang. You can choose not to install it in the Configuration Options.
Hope that Helps,
Kyle B
Revit MEP Product Manager
http://inside-the-system.typepad.com/
Kyle Bernhardt
Director
Building Design Strategy
Autodesk, Inc.