You might also make sure that there is an entry in /etc/hosts, so the system can resolve its own name. If you cannot boot the system, try booting into single user mode by adding "single init=/bin/bash" without the quotes, to the end of your kernel grub entry and then booting it. More information can be found here:
http://www.systura.com/linux/singlegrub.php
Sendmail will fail or take a long time to come up if it cannot resolve itself.
Josh