OK, narrowed it down to a problem with importing the wxPython IEWin module. I will post this on the wx group also. I suspect that I need to include some module in the build but don't know what that would be. Following this in a debugger looks like the code is recursively trying to resolve something.

Here is source for a test file and setup file that will hang at
    running py2exe   
    *** searching for required modules ***

# --- tst_importie.py
import wx
print wx.version()   # (msw-unicode)
import wx.lib.iewin as iewin

# --- setup file
from distutils.core import setup
import py2exe

Mike Conley

On Wed, Apr 8, 2009 at 3:26 PM, Raymond Cote <rgacote@appropriatesolutions.com> wrote:
Mike Conley wrote:
> I have a fairly large application that we build with py2exe. Build was
> successful a couple of months ago, but now the build hangs at  *** searching
> for required modules ***
Try loading each of your modules individually in a test script.
I've seen odd problems with module-initiation code doing too much (or
more likely, inappropriate) work during module initialization (like
connecting to databases).

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