While I was importing one crm db from 4.0 in 2011 , I was getting error while publishing the reports and import progress stops itself.
After some investigation in error details , I realized there are custom reports in crm 4.0 db.
I had to take the backup the reports ( I assume you know how to do it by editing report in crm)
and ran the query below in crm 4.0 organization db. ( myorgname_MSCRM )
DELETE FROM [enterkon_MSCRM].[dbo].[ReportBase] WHERE SignatureId is null GO
So , this query deletes all custom reports and versions.
And finally you can import the db from 4.0 in to 2011 successfuly.
PS : the query is an UNSUPPORTED SOLUTION. Never forget to backup your db and reports.