Excel 2007 (Office 2007), WinXPSP2, 1.56GigRam, 60Gbt free,
2.1GHz processor.

When I select an .xls or .xlsx file from the file manager
(Windows Explorer), Excel immediately starts, instead of a
blank spread sheet the screen below the menu bars is pale blue.
For about three seconds the hourglass displays, then the
regular mouse pointer appears. Thirty seconds to 90 seconds
later the file opens.
If I open a previously unopened file directly from Excel
using its file management function, it opens immediately.
Same is true if I open a previously opened file from the
Excel file manager, it opens immediately.
Strangely, when I use the Excel file manager to select a
file, when the file is highlighted, it does not appear in
the "file name" window. Whether files of type is set to all
files *.* or All Excel files types.
What is wrong with this picture?