If you have a Windows Server that is hanging on "applying computer settings", try booting it into safe mode, firing up msconfig and disabling all third party non microsoft services and startup applications.
If a server continues to hang at applying computer settings, boot it up in safe mode, disable the VSS service, then reboot.
The VSS service was the service preventing the server to boot in my case.
Also you can try removing all network cables from the server during the boot process - this can help push it through as well. I have seen servers hang at applying computer settings while doing hundreds of network discoveries for hours. Unplugging the network cable during the boot process will abort this procedure and get your server up and running giving you time to work out what is causing the issue.