If OF boots complete and can start bootmenue, then hardware normaly should be OK. This seems to be the case here. OF initialises/tests motherboard and all fitted cards, but not content of connected HD or CD. Maybe there is an issue with one of that drives which cause that behaviour

Some things you can do:
Disconnect IDE-HD from IDE-bus and try again from CD and vice versa.
Check backup-battery (remove it, disconnect PEG for 15sec from power and press reset. Then start again without battery.
Do you have a Linux-live-CD? Would be interessting if such a CD works...