mouse freeze and chimes

Hi
I have started having trouble with my pointer.
It will suddenly freeze, and then the chimes start.
"Bing-Bong......................Bong-Bing"
The freeze lasts for over 60secs sometimes.It also affects keyboard.
The 'bong-bing' signals the end of the freeze.

I have had this problem for a while now, but starting today it is occuring
more frequently (usually when i move the pointer) to the point where i cant
really use my mouse anymore as the freeze is coming in rapid succession. As
of today I have also been recieving a message window in the bottom right
corner of the screen saying something like
"USB port malfunctioned, click this message for more info" but because my
mouse is frozen, i can never get there to click it before it dissapears.
I dont know if the problems are related.
I am using WinXP and have the latest updates.
I am thinking that perhaps I need to get a new mouse and software for it,
but dont want to rush out and buy one only to find the problem persists. My
current mouse is a Microsoft optical.
If anyone has had this problem or know how to fix it, please help me, its
driving me nuts.
Thanks.
Dan.