Microsoft Office 2003 Word / Excel Open File Look In slow issues

I have an issue with MS Office 2003 running on XP.  Excel and Word launch without issue.  Inside Excel or Word, if I click on File > Open and click on the Look In drop-down, the drop-down disappears for roughly 45 seconds to a minute.  The selections in the drop-down (local and network folders) eventually appear.  This issue happens all of the time and is very annoying.

Any assistance is greatly appreciated in correcting this matter.  Thank you.  
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arendt73Connect With a Mentor Author Commented:
Tried the recommendations and still getting the same results.  Upgraded to Office 2007 and now all is well.  Not having the issues experienced in Office 2003.
Have you tried running a office repair?
I would suggest removing all mapped network drives, may be an issue connecting to an incorrect mapping and testing.

Office repair is also a good idea, try a different user profile on same machine and see if it happens still, is it Office, Network, Machine at fault. Process of elimination.
Please do the below file types setting and check.

Open MyComputer
Click on Tools--> Folder Option -->File types --> Search for .xls entry

Then Click on Advance -->
 Edit the Action "Open" -->Select "Application used to perfrom action" as below.

Remove /e and add "%1".("C:\Program Files\Microsoft Office\Office12\EXCEL.EXE" "%1")

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