I saw that the "LUFS hangs with multiple channels" bug
report is marked as closed, but I have the same problem
I tried lufs0.9.6 and the CVS version(Jun/23), and still
emacs "hangs" if you don't set the option channels=1.
Other programs that do not try to open more than one
file at the time are fine, like 'ls', or 'less'.
I am using Linux 2.4.19 and the gcc 2.96 (rh7.3).
The only extra information I can add is that emacs
hang, the problem is that when you try to open a file,
spam around ten or more ssh connections and bash processes,
the cpu load goes to 15 or something, and then, well,
look like hanging, including emacs that doesn't respond
kill it with Ctrl-c.