I haven't really seen that issue but I have had the system seeming lockup on random occasions.
What your describing sounds a bit more like a performance related issue than a software corruption.
Have you loaded a lot of new music into your system?
Everything you have tried are good things to do to see if check.
He's the next steps I would try.
1 With the app stopped copy the entire folder C:\Program Files (x86)\ZenPoint (this gives you a safe backup).
2 Delete the app and the entire folder C:\Program Files (x86)\ZenPoint
3 Reinstall the app totally clean back to C:\Program Files (x86)\ZenPoint
This will give you a totally clean build.
4 From you music collection grab a single album and put it into a folder by itself. i.e. C:\Temp\Music.
5 Open the admin app and point it at the temporary music folder only.
Then run the app and let it rebuild your music collection with just the single album.
On your system I would suggest turning off 'Check for music updates on Startup' so that you aren't constantly rebuilding the database.
This will give you an indication that
A The software isn't corrupt
B If it Loads the single album then it's maybe a Capacity/performance issue.
Another thing to try would be to leave it on the loading screen and see if it resolves itself. i.e. if you leave it and have dinner.
The other thing is if Microsoft provided a recent patch for Windows 7 it may have put additional stress on the system although from reading up it's no longer supported by Microsoft.
This will hopefully help point you in the right direction
I'm not sure what else you could try.