Some Lit files take forever, generally ones where Microsoft word was involved at some point. The easiest thing to do is wait, it may take 24 hours.
If you don't want to do that, and you understand html, you can enable the debug output under conversion. That will let you see the extracted html - in the 'input' folder of the debug directory, and you can attempt to clean it up. Usually it's the style attributes which slow Calibre down, but it could be any number of things depending on what stage the conversion process is slowed down.
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