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CAFCR event logs spamming server

Last Modified: 2012-05-05
Our Windows 2003 SP2 server is running Exchange 2003 SP2 is getting the following errors spammed in System events;

Error ID:  1039
Source:  CAFCR
Description:  Failed to retrieve volume ID with error 0XC0000034

The event keeps repeating itself over and over.  Under task manager the System process is taking up 25% CPU usage and is dramatically affecting our Exchange server's performance.

Does anyone have any ideas on where the source of this may be?  Is it our hard drives failing?  The physical Dell server itself does not indicate any drive failures.

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