The mouse wheel doesn't have good sensitivity, would be better to use the magnifying glass/region select or select by element and zoom extents selected
btw I used to get problems with zoom not working on models too, when you get in very close it slows down to nothing so selecting and zooming elements in either case seems to be much easier.
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IIRC, it's when you have focus in one of the U/V coord boxes in the bottom left, and you use your mousewheel.
Getting it to behave normally again was something to do with collapsing to editpoly/mesh and adding another UV.
Max 7, though. Wow that's a long time ago.
btw I used to get problems with zoom not working on models too, when you get in very close it slows down to nothing so selecting and zooming elements in either case seems to be much easier.