Need help to debug freeze on IBM T41

[Per olof Ljungmark]

Hi all,

A 5.4-STABLE system that freezes to death at the "login:" prompt.
I can boot single user ok, run sshd, inetd, ntpd, postfix etc.
No signs in logs at all
Did cvsup and rebuilt/mergemaster in single user today but did not 
change behaviour
HDD 2 with XP is fine

What is the best method to find out what the problem might be, like 
running rc with very verbose logging or somesuch?

Thanks,