Before trying out timeshift, please ensure that your HDD is properly formatted, ideally as EXT3. You should first try to do a manual test recording using the record button and making sure you can play it back before trying timeshift.
If your unit freezes at the AzBox starting message, it does not mean that you bricked it. Simply unplug the power cord from the unit for at least 30 seconds and plug it back and it should boot normally.
I have unplugged it, but not for 30 seconds.. Ill try that. I was using the format feature on the STB first. I will try what you mentioned, but before hand, how to i backup the settings??