This seems to be a well documented bug, but it is very generic, as in there a few things that could cause it. A couple of things to try:
1) have you got an USB drives or similar plugged in when booting that you didn't have before?
2) when you removed the option 'quiet' was there an option 'splash' too, if so try removing that also.
3) does the live cd still boot ok to rule out any hardware/bios problems.
4) Try adding the options 'nomodeset' and 'acpi=off' to the end of the 'kernel /yad/yada/ya ro' line
If all these fail then it looks like it could be something to do with the alsa module that you updated, either something failed or something doesn't sit quite right with it. Modprobe is when the drivers get there respective modules (kind of like .ini file in windows) loaded. So it seems as though the module is hanging and causing everything to grind to halt. As I said earlier I don't actually use ubuntu so i'm not 100% how they configure things.
If all else fails then I would try re-installing or using a 'proper' distro like Archlinux which will certainly have the updated alsa driver. If you want some help installing it then just drop me an email in trust and i'll pass on my instant messenger details so I can help in real time.
Jack.