I was having a problem tonight with Visual Studio hanging when I tried to import a .vssettings file. I noticed that if I logged in as a different user it imported OK.
There are two command line flags for VS available to help with an issue like this.
C:\Program Files (x86)\Microsoft Visual Studio 10.0\Common7\IDE>devenv /resetuserdata
C:\Program Files (x86)\Microsoft Visual Studio 10.0\Common7\IDE>devenv /resetsettings
/resetsettings worked for me. FYI I'm running Windows 8.
4 minutes ago