Hi,

As said by Stas, you will have a clue on what is wrong going to *slime-events* buffer.
To switch to that buffer just hit C-x b and select it -usually with right -> .
Or by displaying the list of buffers by hitting C-x C-b and RET on it [1]

2. If unsuccessful you also can change to sbcl. I've got good experience with sbcl on arm (my case, on raspberry-py) check your repository otherwise & reset your emacs accordingly, e.g.:
(setq inferior-lisp-program "sbcl")

[1] http://www.gnu.org/software/emacs/manual/html_node/emacs/Select-Buffer.html#Select-Buffer

good luck

Syl