Arc map runs really slow on my new computer

So we upgraded my xp machine to windows 7 professional,with intel core i7 CPU and 16GB RAM and 64 bit system..

and Guess what arc map 10.0 runs real slow on my system, even simple commands like selecting and resizing legends, scale bars, north arrow etc. things which should be faster and not take more than a few seconds....
office network and internet is working fine....

this is driving me crazy and is really killing my time...

does anyone have any ideas how to help with this issue. I would greatly appreciate it.

shwetha