Delay opening folders caused by dcom server process launcher service

Hello,

I am seeing a problem where when I try to open My Computer, or click
the Look In dropdown in the run dialog, or anything similar, it takes
a minute or two to get results. I've checked all the obvious stuff
like spyware (none based on MS Antispyware, Spybot and Ad-Aware),
disabled all antivirus and firewall and such (ZoneAlarm for both) and
this is a stand-alone computer with no mapped drives.

I've traced the problem to the "dcom server process launcher"
service... when I set it to disabled and reboot, the problem goes
away. Of course, then I can't use a number of applications I need (MS
Antispyware and ATI's Multimedia Center to name two). When I set it
to Automatic (because it can't be manually started) and reboot, the
problem returns (but at least I can use those apps!).

Can anyone point me in the right direction on this? I've been
Googling for over an hour now and haven't found anything that seems
applicable. Thanks!

Frank