Your Wine version is old; upgrade to the latest development release. If it still doesn't work, post terminal output. http://wiki.winehq.org/FAQ#get_log
I have updated to Wine 1.5 and it still hangs at the same place. There is no terminal output produced before it gets to the point of hanging.
There is also an option of running the software direct from the CD instead of installing it. Doing this the program starts and then dies. The terminal output after this is also empty.