I noticed you need to restart Hammer and the SDK after an update for compiles to work.
Are you sure it downloaded all the updates?
Steam lags updates sometimes for me, IE i get an old update like a week later.
Also when is it freezing?
I've seen mine freeze:
When trying to close the compile window before it finishes.
While compiling (Windows vista give false "Not Responding")
When doing extremely heavy tasks, IE genociding kittens in an attempt to carve something big.
Or sometimes clicking the "Flags" tab on entity's will freeze Hammer rather then crash it.
Other then that we can just dream of "fixing" updates from Valve when P2 comes out :\
Contact. The EU welcomes the pain free. That's emotional impact.
I actually think limitation is good for creativity. If we had an engine that could do everything, we would be in trouble. It gives us focus. ~~ Randy Lundeen