@neofree: he is talking about a CD-ROM drive. It does not spin up and it does not help to boot from floppy.
@MiAmigo: I'd first suggest to move the CD icon from Devs/DosDrivers to Storage/DosDrivers, so that it is not mounted automatically. If the machine then boots, double click the icon to activate it manually. If it still does not hang, try to move it from Storage/DosDrivers to WBStartup. Perhaps it works better there.
Oh, and if it's called EMERGENCY_CD you should rename it to CD0. Short names are better.
Bye,
Thomas