Ok, re-install, enable debug logging as advised in my previous post, restart Outlook and select one mail item, then select another (to simulate what you normaly do). Quit Outlook.
Go to
c:\ProgramData\Alwil Software\Avast5\log\ (Win7) or
c:\Documents and Settings\All Users\Application Data\Alwil Software\Avast5\log\ (WinXP) and post the file AsOutExt.log here.
I will try to have a look at where the bottleneck might be.