As xiphas stated you updated your USA NTSC Wii system with European PAL update,which was a pretty bad mistake but your lucky there are un-bricking tools for semi-bricked Wiis (Thanks to bushing) and that your system isn't screwed as others(Fully Bricked = Unrepairable).There's a reason there's different regions for different parts of the world, There's a reason Nintendo doesn't officially distribute PAL systems in America. Just FYI. To let you know

You should take that pointer from xiphas about researching before going on a download/burning spree. I have created two steps for you to be back up and running. Hopefully
Step 1.) Un-brick your Wii. Here is the link for the USA NTSC version of the semi-brick fixer its update version 289. Grab it from here
[Only Registered Users Can See Links. Click Here To Register] This is the original website for the link to the USA un-bricker
[Only Registered Users Can See Links. Click Here To Register] and download the middle one which is for USA NTSC (if you don't trust the link i gave you even though its straight from the website.

)
A.)Burn the disc.
B.)pop it in
C.)let it update
D.) And your ready to go! (From what I read)
(Side Note) A helpful link on semi-bricking here
[Only Registered Users Can See Links. Click Here To Register]
Step 2.) Download this great tool(Brick Blocker) from the official site
[Only Registered Users Can See Links. Click Here To Register] From now on any game you have use that so now your safe from bricking your Wii. What it does is take out the update from Wii isos so your Wii wont have any way to attempt an update.
Even though your not having problems with the settings menu to me all it could be is semi-bricked because you updated a NTSC console with a PAL update.
Sorry for the long post hopefully I explained enough to you and helped you out. Let us know if it works.

cheers
Also Special Thanks to Bushing for the semi-brick fixing discs and for all he contributed to the scene.