I have the latest update for my wii.I tried installing homebrew channel with letterbomb and it gets to the press 1 to continue and it stops there and freezes
Are you following Softmod Any Wii guide? If not, you should be.
The guide wants you to use a 1g or 2g full size SD card (Sandisk brand). Any other brand, any size larger than 2gig, or using mini/micro adapters reduce the chance of the hackmii installer working properly.