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[The Fifth Horseman]

I have been using the '97 version of Microsoft Word for years, back from the time when it was running on my Win95-equipped 486. However, now that I am using a rather powerful (for my standards) machine with Windows XP, MS Word began behaving strangely to say the very least.
Almost every time when I load a larger document in it (100 + Kb of pure text DOC), the computer begins lagging and when I check the resource usage it shows that Word is using around 97% of the Cpu power. Now, considering that my CPU is 1,75 Ghz fast, this is a complete nonsense.
So far I managed to deduce that the most possible suspect is the automatic text correction feature. The problem is, disabling the damn thing did no difference at all.

What else can be the cause and how to get rid of it? (I mean the problem, not MS Word.)