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Default File takes 40 minutes to load (auto-calculation)

I have a 7 MB Excel file that takes about 40 minutes to open up. If I
turn off auto-calculation, the file opens almost instantly. I have a
desktop with Intel P4-2.8GHz, 512MB, Win2K, Office XP with SP3. The
thing is, my coworkers who have older/slower machines can open the file
almost instantly whether auto-calculation is on or off. There is one
other person in the office who is experiencing the same problem.
Any thoughts?