Hard to debug without more details. But... I happned to me recently, "same wait for X", it seams that a dependency was not fullfil. in my case flwm could not load because libxcb not loaded etc.
Maybe not incomplet libX11.dep file, but my ext2 needs fsck-it the file system..
The only sure way to debug is to load MANUALY the files+deps from your onboot.lst, do this in busybox shell. Enjoy!