Boot from a Mac OS X install disk, launch the Disk Utility from there (it's in the "Utilities" menu) and have it fix both the file permissions and the full volume. Then reboot.
In case you don't know how to open the Mac CD/DVD drive:
Start the Mac, when you hear the bell, hold down the (left) mouse button until the CD drive(s) open(s).
Now insert the OS X installation disk, close the drive and reboot the computer (power down might help with that).
When you hear the bell again, press and hold down the Option/("Alt") key until the boot menu appears.
Choose the OS X disk.
You should also try booting in verbose mode, so you can see where it's stopping:
Starting up in single-user or verbose mode
1. Shut down the computer if it is on.
2. Press the power button to start the computer.
3. Immediately press and hold the Command (Apple) key and one of the following:
the "s" key for single-user mode. (Command-S)
the "v" key for verbose mode. (Command-V)
You have successfully entered single-user or verbose mode when you see white text appear on the screen.
To exit single-user mode type reboot then press Return.
Disconnecting all unnecessary USB and Firewire devices usually also helps reducing the boot problems. My Mac for example sometimes has a problem with an external USB hub (or one of the many devices that's connected to it); when I disconnect the hub, the Mac always boots.