The only thing I can think of is to test on my Linux box, which has a newer still version of Wine, and seeing if the logs Wine makes give any clues as to what might be going wrong.
Tested on Wine 1.5.12 on Ubuntu Linux. Works better... gets past the point where it was freezing. You can manually enter a path to install the program but when you try to continue it hangs up. See the attached zip file for the technical details, if that interests you.