How doesn't it load...
- Does the console freeze (on the loading screen)
or
-Is the game constantly loading (continued loading screen)
If the later is case:
Start a new game..
As soon as you wake up : press start and load your savegame.. It should now load normally..
As for freezing clear both the system as well as the software cash.
http://support.microsoft.com/kb/971755
and
Right when the game starts to boot up, hold LB+RB+X. Keep holding that until the Bethesda logo disappears.