Guys we tried deleting and replacing the save game files, tried graphics changes, audio changes nothing worked.
Finally we tried uninstalling, it even froze when trying that.
Here's the fix.
If the game freezes at the f1 2011 black loading screen try uninstalling. If you cant uninstall the game (like in my case) use windows system restore.
Restore to a time prior to the f1 2011 game install.
This removes the game from the system then just re install the game, it should work fine.
Hope this helps