You need to be a bit more specific, it could be any number of things. First how long is it hanging? Where are the statements coming from? Over a network or on the local machine? How big is the table? How many indexes are on the table? Are there any triggers on the insert/update? Etc.
network latency, the fact that the table is just huge, inserting into a table with indexes means inserting into all the indexes as well which will take time, if there are triggers that do other things you need to wait for them, long datatypes are a factor, system load at the time, I/O, and i'm sure a dozen other things. it all depends on the environment.
...db_block_buffers too small, you have sized the SGA out of real memory, you have hit an oracle bug, you're doing a full table scan for every update, you are doing a cartesian join with update, you have placed all objects in the SYSTEM tablespace, all datafiles are on the same filesystem...
seems to me that you are trying to access a blocked row, in other words you are prob doing same update & insert as other people? do you mean hanging in a session?
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