Each "minute" of the installation has little to do with time; the minutes are checkpoint markers that allow Microsoft's tech support guys to pinpoint which part of the installation is failing.
So for 34 mins, look here -
http://support.microsoft.com/kb/828267
As jurrien says, and quoting from the KB article
Quote:
This issue may occur if there is a hardware-related issue that causes Setup to stop responding.
Hope this helps,
-c