Hi Cusko,
The line "while (!(LPC_CGU->PLL1_STAT & 1));" waits for the PLL to lock. Assuming you use an external crystal as input, most likely you'll have a problem with the crystal not oscillating. Ensure proper connection from the CPU XTAL pins to the crystal and it's load capactors. Also verify that you are using the right value for your load capacitors (see: http://www.lpcware.com/content/faq/how-calculate-value-crystal-load-capacitors).
Regards,
Wouter