I was just having a very similar problem with my T23.  On a hunch I
removed the MiniPCI card which contains the ethernet and modem devices,
and I was able to boot again.  Putting the card back in caused the boot
to freeze again, so it looks like my ethernet/modem card is shot :(

Removing the MiniPCI card is pretty straightforward, but refer to the
manual if you get stuck:
http://www-307.ibm.com/pc/support/site.wss/document.do?sitestyle=lenovo&lndocid
=MIGR-4UYM3F

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Strange freeze on IBM T23 and freeze on reboot
https://bugs.launchpad.net/bugs/107075
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