Yes, it takes around 10 minutes when an IRP (a ticket for hardware I/O) has been started for the system to give up and say it's taking too long, as is with this case. Does this problem happen in Safe Mode as well?
I would think the fan should run at full speed at system startup but then gradually reduce once fan control kicks in and finds full speed isn't needed. Check your BIOS settings to confirm fan control isn't going haywire (or off). In addition, you may wanna go and install updates for your motherboard components and BIOS as well as a just-in-case. Odd fan behavior can be cause by bugs in BIOS/mobo drivers.
Personally the odd hardware behavior (like with the fans) this system is causing reeks of hardware failure. I find the that the Nvidia drivers being blamed, despite being most up-to-date, as being rather curious. However, I noticed that in the IRP the Nvidia driver actually appears that it's waiting for something else. There's a possibility another driver is mishandling a resource the Nvidia driver wants, and due to a bug it ain't letting it go. Something like this can only be told by a kernel dump or larger (the MEMORY.DMP file in Windows directory).
I personally think your video card is bad, and usually for a notebook it means the mobo is bad. Neither of which is easily replaceable in an OEM laptop, so unless you have a currently existing warranty, you may be out of luck. If you wish, you can provide us the kernel dump and we'll look at it, but if this is hardware problems we're dealing with, no amount of crashdump scrutiny will reveal that.