Report builder freezes on "Loading Editor" page

Report builder freezes on "Loading Editor" page

I am trying to build a report.

Here's the sequence of events:
1) Click "Reports" tab
2) Click "Create Report" (button or link)
3) Enter Report title, etc.
4) Click "Next"

The browser then sticks on the Loading Editor graphic. 

I've tried this on Safari and Firefox. No luck. I have a pretty fast connection (DSL). I'd very much appreciate any help or suggestions