Says there's 2 instances, so I'm guessing one for the open window, and one for the console? Or it might be hanging trying to load the next wow?
No, the console you're screenshotting is running in InnerSpace.exe, not in wow.exe or wow-64.exe. What you're seeing is that sometimes something on your PC is making it hang when the game instance is trying to load up.

I am noticing that my 4th instance Drarkantotem is trying to load wow.exe instead of the 64 bit version.
That's normal and it is doing it for all 5 instances. wow.exe auto re-launches as wow-64.exe.

.. like this!
Code:
| 02:14:49 ISBoxer: Launching Slot 1 Character 'Drarkansan-Hyjal'
Successfully executed '"I:\World of Warcraft\WoW.exe"'.
Session launched (is1): "I:/World of Warcraft/WoW-64.exe"
So we need to determine why it's hanging for you. At this point I want both kinds of ISBoxer's Diagnostics from you. Diagnostics for game crashes from any wow launched by IS, and Diagnostics for game freezes specifically from a hung instance (you can close the ones that are not hung to narrow it down). One thing to note, you will have to either rename wow-64.exe temporarily (launch your team after) or tell the game not to relaunch as 32-bit via a setting, because ISBoxer is currently unable to do the diagnostics on a 64-bit process.