Did you run the memtest from the drive?
Also, if it managed to load any of the win 7 DVD at all I wouldn't have thought it's a driver issue.
As for the graphics card... do you have onboard graphics as another option? If it's available, why not try taking out the graphics card and just using the onboard graphics to rule it out.
I thought instantly it would be a problem with the RAM because lots of people have had probs with windows 7 install and ram.
Personally, I would leave it longer than 10 minutes, just leave it on overnight or something because i've heard of windows 7 install seeming like it's froze at all sorts of points and just taking a long time. Also, this may sound silly, but if you have more than one RAM card, try it with just the one in. The amount of RAM ( more being worse ) has been said to affect the windows 7 install.
If neither of them work, does anyone have a DVD drive you could borrow for a day?
Other than that, I am not sure what else it could be. I'm sure someone ele will come on and be able to help if it's non of the above!