There is no noticeable difference in Windows XP on a 700 MHz than on a 3 GHz PC if you have 512 MB of RAM or more. The hardware is not the problem unless the CPU or RAM is actually malfunctioning. I used to have XP installed on a 400 MHz CPU with 256 MB of RAM and it ran just as fast as my Athlon 64 in Windows. It sounds like years of program installations that is slowing it down. I know you said you didn't want to format, but if you can back up your files on CD, another HDD, or anything really, formatting is definitely the best option. I just put Windows XP on an identical system last week and it runs easily as fast as my Athlon 64 in Windows. You just need a fresh installation.
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"A Darwinian attacks his theory, seeking to find flaws. An ID believer defends his theory, seeking to conceal flaws." -Roger Ebert
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