Just to verify, are you using the website setup.slingbox.com to set the Slingbox back up? If it continues to say initalizing, you would want to check and make sure the browser and operating systems are currently supported. You can also try clearing the cache and cookies in your browser and refresh the website to try again. If none of that works, you may want to try installing the older desktop software and doing the setup there.
- Slingbox.com - What browsers are supported by Watch on Slingbox.com?
- Slingbox.com - Support Downloads
Hope this helps,