I'm no expert on this, but would doing, after a hung unstallation, this:

/bin/bash --norc -xv /sbin/mkinitrd --allow-missing -f
/boot/initrd-2.6.18-194.26.1.el5.img 2.6.18-194.26.1.el5

show more precisely where the mkinitrd script is hanging?

                                                         - Bluejay Adametz

I respect faith, but doubt is what gets you an education. - Wilson Mizner

NOTICE: This message, including any attachments, is only for the use of 
the intended recipient(s) and may contain confidential and privileged 
information, or information otherwise protected from disclosure by law.  
If the reader of this message is not the intended recipient, you are 
hereby notified that any use, disclosure, copying, dissemination or 
distribution of this message or any of its attachments is strictly 
prohibited.  If you received this message in error, please contact the 
sender immediately by reply email and destroy this message, including all 
attachments, and any copies thereof.