It sounds like a PHP error is occurring but if you have error reporting turned off (which many servers do, for security reasons), the error message is not displayed and you just get a blank screen. Check for a file called error_log in your /administrator/ folder, or failing that, check your main server error log.
I suspect the problem might be that PHP is timing out after 30 seconds. Because Joomla 1.5 is so slow (especially in legacy mode), it might not have enough time to unzip the component before PHP times out. To fix this, you can go to the /administrator/index.php file, and just after the line that says:
define( '_JEXEC', 1 );
...add the following on a new line:
set_time_limit(300);
This increases the time PHP allows a script to run before giving up, so will probably allow you to install it. Of course I am only guessing as I have not seen your error log.