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I used to be able to compile and run my programs fine... then all of a sudden, a few days ago, I couldn't compile anymore. When I try to compile, it acts like it's going to do so, but then just sits there with the hour glass forever until I decide to close the window! What could have happened???

Take a look at the Java FAQ. You can do a basic check from the command prompt with the command "java -version". Also try to remove the java tools and adding them again from within TP in case you just installed a new JDK. As a last resort you could uninstall/reinstall your JDK and then TP.
If this does not help pls post your TP, Java and Windows version with a better description if possible.