Control panel hangs in safe mode only (XP SP2)

Hello,

I have all the latest update for my windows XP SP 2.
I just noticed that the control panel is hanging when I am trying to open it safe mode. In the taskmanager, the explorer.exe process is maxing out.

It is working fine, when I am accessing it in normal mode. But I need it, if I need to troubleshoot any issue.

Is there any way to diagnose this problem.

Thanks you