Hello,
I had the same freezing problem with iTunes after the 10.6.7 update, on a late 2010 MBA.
Various messages in the logs could be viewed as hinting towards extension cacheing problems; after having rebuild those caches, everything seems to be fine now.
I haven't tried very hard to understand why the problem appears for some, not for others; anyway, here's how to update the caches:
1. Log in as an administrator and, in Terminal.app, execute:
sudo touch /System/Library/Extensions
(you'll be prompted for your admin password)
2. Reboot
HTH,
Axel