Experiencing a 5 sec. delay for every task performed
 

Operating excel 2007
When working in spreadsheets with formulas (simple formulas) I am
encountering a 5 second delay to process each task. Clicking in empty
cells, copy/pasting, saving - everything.
Spreadsheets function fine at the start, but starts to bog down after a few
have been opened.

I do not have macros running.
I have tried opening excel in safe mode.
I have cleaned out temp. internet files.
I have tried creating a new spreadsheet.
Spreadsheets are templates, problem carries over when they are saved.

Any other suggestions would be greatly appreciated!

Thanks,
Shay