I have the exact same problem...
Mine was solved (for 10 minutes now at least), by terminating the P2P shield. Everytime it tried to scan files from uTorrent (rather big ones, who continualy change), it would freeze my computerfor 3-5 seconds. this would happen every 20-30.
Now... Isn't it possible to code something that doesn't slow down the entire PC down as much?? Well, at least it's an incentive to buy the pro version, where I can manually change the task priority to normal (as far as I understand), hoping that would help at all. But if the other scanning modules continue to slow down my PC as much, it's a dealbraker - and I'll be forced to uninstall. And yes, I did uninstall previous antivirus program.
I run with SATA150 drives, Athlon XP2400 CPU, 1gb ram - so my system shouldn't be too slow to run an antivirus program...