intellij 10 loading project forever (community version)

Hi,
I have installed the intellij 10 commuinty version on a Windows7 32bit system. I can create new projects, but then when I load an existing project created by intellij 9, it pops up the "loading project" progress bar and goes on and on for ever... I have waited for lik 30 mins and it still goes like that.

Has anyone had similar issues, or a fix for this?

Any comments highly appreciated!

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Please clear IDEA logs, start IDEA and try to open IDEA 9 project. When it hangs compress all content of log directory and post it here.

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