I think I know what's the problem here. There was this famous bug
#289466 where the network-manager didn't appear in some cases. That bug
was fixed so nm-applet appeared for me but it couldn't do anything,
everything was grayed out. I figured if I delete /etc/network/interfaces
then nm-applet is working fine. Deleting that file seems to fix this bug
too, configuring network devices takes zero seconds now even after
making back the changes of "timeout" in /etc/dhcp3/dhclient.conf . So I
think the people with this issue also have the issue that nm-applet
can't be used for anything.

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Ubuntu 8.10 booting hangs for a while on "configuring network interfaces" on 
iwl3945 and iwl4965
https://bugs.launchpad.net/bugs/293023
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