Import woes - help!

We've been struggling to import a project from a VSS database into Vault 
1.2.3 all weekend. We've tried multiple times and each time the Import tool 
makes it almost all the way through and then hangs, Each time it hangs when 
trying to import exactly the same file. The last two times it hung on 
exactly the same version (based on time and date stamp) of exactly the same 
file. We're mystified as to why this is happening.
We've followed all of the "12 Tips for a Successful Vault Import" except 
for step #1, which recommends putting the Vault Server and SQL Server on a 
different machine than the Vault Import tool and the VSS database. This 
cited reason for this is to ensure enough RAM for the import operation; 
however the machine we're doing the import on has 1.2GB RAM and at the time 
the import hangs Task Manager shows nearly half a gig of memory still 
available, so we decided RAM depletion wasn't and problem. Otherwise we've 
adhered to the recommendations of the eleven other steps.
The entire VSS database is about 980MB, but the solution we're importing is 
only a part of this. It's a website for a Fortune 500 company and is fairly 
large, somewhere around 90-100MB on a developer's machine. Still, we 
wouldn't think this should present a problem. The file that the import 
consistently hangs on is the Visual Studio project file for the solution's 
website project - a 450KB file called website.csproj. The Vault import log 
file generated by each attempted import is around 2500KB in size, so you 
can see that the the import tool makes it a long way through the process 
before hanging.
So we're stumped. I don't know if I've included enough enough info here for 
anyone to offer any help, but all suggestions, advice, admonitions, 
prayers, warnings, words of wisdom or technical insights are welcome.
Thanks,

Keith