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Some things to look at:
Make sure the Debugger > Diagnostics > Debug Internals Log file preference is off. This may be in a slightly different part of the Debugger prefs area in Wing 7 (possibly under Advanced).
Clear out items in the Watch tool, in case some of those are taking a long time to load
Remove the Stack Data tool temporarily by clicking on its tab. If that solves it, then Wing is hanging up on packing up data from the debug process. There have been many fixes to that sort of thing since Wing 7, so if this is the issue then it's worth trying Wing 9 to see if it's better.
Try the latest Wing version to see if it's better. There have been so many changes an improvements in Wing since Wing 7 that it's quite possible this has been fixed.
My guess is it's the second or third one above, but I could be wrong.
If this doesn't help, please submit a bug report from Wing's Help menu and include the error log. That might show us what is hanging up.