OS X Leopard installation hangs with about 24 mins left! Please help!

I was prepping my iMac (Intel) for resale, so after backing up my data, I booted up with the Mac OS X Installation Disc (1 of 2). Before proceeding with the installation I went to Disk Utilities and ran a 7-pass erase of my HD. After erasure was complete I started the install and it froze with "About 24 minutes" remaining time in the screen, when I moved the mouse about I got the "spinning beach ball" for a while. Nothing happpens. It has been stuck like that for about 3 hours now.
What are my options? Any help would be most appreciated!

Make sure the install disk is very clean. My iMac is very picky, smudges and scratches are fatal to a good read. Do these resets as well:
As old as your iMac is, have you cleaned out the dust? Dust buildup can lead to over heating issues. Remove any and all things plugged into it including the power cord, Remove the RAM access grille. Vacuum all openings starting with the RAM access area (air intake). Vacuum all ports and plugs, DVD slot and the opening across the top of the rear of the body. Blow compressed air through all your openings and vacuum again to remove any dust you loosend. Reinstall the RAM grille. Plug in the keyboard and mouse if not blue tooth. Insert power cord...
You are now in a perfect position to do a
SMC RESET
http://support.apple.com/kb/HT3964
Shut down the computer.
Unplug the computer's power cord and ALL peripherals.
Wait 15 seconds.
Attach the computers power cable.
Wait another 5 seconds and press the power button to turn on the computer.
It is the 5 second timing that initiates the reset.
PRAM RESET
Zap the PRAM
Shut down the computer.
Locate the following keys on the keyboard: Command, Option, P, and R. You will need to hold these keys down simultaneously in step 4.
Turn on the computer.
Press and hold the Command-Option-P-R keys. You must press this key combination before the gray screen appears.
Hold the keys down until the computer restarts and you hear the startup sound for the second time.
Release the keys.

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