Questionable Startup

I have 3 computers I have installed SP2 on. Two are XP Pro and One is Home
Edition.
The Home Edition is giving the following problem. My other two computers
are ok.

After starting my computer or after a re-boot, and after I get a clean
(non-loading) desktop, I click on any icon to open a program. A hour glass
indicates that it is starting to load, but disappears after about 5 seconds.
I'll wait, sometimes up to about 2 minutes, before trying again with the same
results. I can try other programs, including Task Manager, Explore,
....anything and get the same results; nothing happens. However, after about
5 to 8 minutes, everything I clicked on previously, opens, including multiple
instances of programs, depending on how many times I originally click on it.

This past week, I coincidently visited a client in his office who was, at
that very moment, experiencing the very same problem. I recommended he wait
for about 5 minutes and sure enough, it did the very same thing as I
described above.

Any suggestions?

Thanks!
--
John