I had this same exact problem with a table that only contained 3 records. I had several query tabs open in MS SQL Server Mgmt Studio that each referenced the target table in some way, but none of which had any queries executing.
Selecting from this table would just execute endlessly as would Dropping the table. I could run sp_spaceused and see it was only using 86k of space so it wasn't huge.
I disconnected all of the tabs including the one I was using to Select from and to Drop the table. I then reconnected just that window and ran 'Select * from' my table and it worked. I was also able to then Drop the table successfully.
It seems there was an open connection holding the table hostage somehow and preventing my Select and Drop from working.