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Default Slows Down When Changing Info within Cells

I just updated my pc to office '07.
A shared file that I access on a server saved as '03 (others continue to
share the file as '03) is very slow when I make any changes to the file. The
file itself is not huge by any means... (4 Megs). The computer is a dual core
2.0 Ghz (2Gigs of RAM) running on Xp. Anyone have any ideas what the problem
might be?
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