The errors you posted are just typical stuff expected to be logged before the setup page has run because the database tables and procedures and the initial data have not been created.
The symptom of IIS hanging after a few minutes is not something common, no-one else is reporting it and you say there is no error information which means it is very difficult for someone else to help you with.
One would expect that anything that can cause that should cause some error to be logged in the windows application log or system log or somewhere.
Vista 64bit. with all frameworks ever issued 1.0.3 through 3.5 (no 4).
eek 1.0 framework on Vista 64, you must be supporting a lot of older code, I would not want to install the 1.0 or 1.1 framework on my machine. In any case it sounds like you have a lot of stuff installed, maybe you have some combination that causes such problems. And if you have all those frameworks why not .NET 4? You need at least 3.5 SP1 to run mojoPortal correctly with no errors. and if you are using .NET 3.5 SP1 then make sure you are installing the mojoportal package for 3.5 like mojoportal-2-3-5-5-mssql-net35-deploymentfiles.zip, or if you do install .NET 4 then use mojoportal-2-3-5-5-net40-deploymentfiles.zip
Make sure you have all the windows updates applied.
Other things that could be a factor
any 3rd party modules installed in IIS
a virus on your machine
anti-virus software on your machine
services like indexing service if they are running especially if they try to index the folders where the web site is running
low memory or disk space
mercury in retrograde
If it were me I would dig extensively into the windows logs and maybe monitor processes and memory leading up to the hang, I would look into uninstalling older frameworks if you are not using them and any other software that you may have installed just to try but are not using. Then try installing .NET 4 and use the .NET 4 version of mojoportal.
With no error detail, that's all I've got for you, sorry.