Why Windows right-click new is so slow?
Are any of the items in the context menu have a reference to a network location/resource? I've had items get in there that was pointing to another computer on the network, but that computer could not be reached on the network. Windows is pretty aggressive when it comes to locating/searching for network resources and gives up much later than you would initially think. This happens to me often in our semi-broken roaming profile setup at work.
this article could be useful: Right-click is slow or weird behavior caused by context menu handlers http://windowsxp.mvps.org/slowrightclick.htm (the article have two solutions)