Well, another minor set back when setting up my VPS today, every time I tried to assign an ip address it would just sit there indefinitely, however if any of you need a fix, after a bit of google searching I stumbled upon this:

WHM -> Server Configuration -> Tweak Settings and checking Disable whois lookups for the nameserver IP manager

My server is running: cPanel 11.24.5-R38506 – WHM 11.24.2 – X 3.9, CENTOS 5.3 i686 virtuozzo.

The fix.