Configuring Problem

I am trying to setup a postgres DB under win using cygwin. I've installed
the latest version of cygwin and the postgres binaries. Then i've installed
the last version of cygipc (1.1.3 if I am not wrong). The ipc-daemon works
fine (at least so is said by ipctest).

Since I have the postgres binaries installed I proceed directly to run
initdb. The command hangs on creating db Template1 in dir data/base/1.

Any clue on what I am missing to configure psql? Oh.. if it means anything..
I am using Windows XP.

Thanks for help to anyone!
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Antonio Scotti