Excel 2003 hangs up with Service Pack 2

Multiple Dell computers have this same issue on Excel 2003. Unfortunately,
Windows XP factory installed already contains SP2 and cannot be removed.
Excel 2003 hangs up so bad when I try to open Excel files. If I wait long
enough, files open, but it takes about 1-2 min to load. On Event Viewer,
Error: Application Hang (ID 1001 or 1002). Opening from C drive and Network
drives does not make significant differences.

Accessing to network printers is also extremely slow and tends to hang up
from Excel 2003 and other programs.

I have applied Office 2003 update and Update for Windows XP SP2 (KB884020),
but no luck. Prior to that, I removed and re-installed Office 2003 as Dell
instructed, difference.

Are there any patch available or suggestions for this?