This is an XL only problem, Word 2003 is fine and so is copying from other applications, it is not a system problem, 4GB RAM, 256Gb RAMDRIVE, plenty of space and CPU power

I get the hourglass for 10 seconds when copying even a single cell.

The item appears immediately In the Win XP Clipboard viewer, even while the hourglass is showing in XL.

In the Office Clipboard viewer, the item does not appear until the hourglass has gone.

There is the latest version of Skype Click to Call, and it is disabled.
I don't have ROXIO installed.

I saw a post suggesting detect and repair Office, resetting all customisation, but I am reluctant to lose customisation over so many years.

What do you suggest?

Thank you