You can circumvent this message by deleting the contents of table speedlimit or setting the
Text Formatted Code
$_CONF['speedlimit'] = 45;
in config.php to a lower value (i think).
But that's not solving the problem, just a symptom. Here is how I got this strange error solved for me:
My DB Backup was kind of messed up, the field lengths were somehow wrong (geeklog version 1.3.9 on mysql 4.0.x). Because of that, the db table couldn't hold the whole MD5 Hash for the password so that the comparison in system/lib-security.php (SEC_authenticate) was always wrong.
After changing the field length for the password hash to 32 (I did it in another way - created a new database and then just imported my old values like users, stories etc. without recreating the structure), I could solve the problem by demanding a new password - a correct md5 hash was written to database and the whole thing was running again like it should!! (that's worth the banana )
There were still some minor oddities like wrong assignment of users as owners of objects (for links, topics etc.) - this was easily solved by updating the owner_id for each object in the corresponding db table.
Now the page is fine again. The problem was not related to creating cookies etc. - the problem was that the system did not accept the password. Putting some debugging outputs in system/lib-security.php (SEC_authenticate) can light a whole tree...
Hope this helps anyone.
Me myself, I'm happy again now.
Cheers,
Schorsch