Today I received an email from a tech who complained that the Configuration Manager administrator console we have installed on a Windows 2003 terminal server was hosed up. I've seen this happen in a few instances. I'm not entirely sure why the console just sits hung, but the solution that I've seen work most often is to delete the MMC related files in the user's profile that get created after the console has been used. You want to delete the sms and/or adminconsole files (I think the sms file comes from the old SMS 2003 console).
You can find the files at the following path:
Windows 2003: C:\Documents and settings\userid\Application Data\Microsoft\MMC
Windows 2008: C:\users\userid\appData\Roaming\Microsoft\MMC
Once the files have been deleted, logoff and log back on and run the console. This should fix the issue.