There is no doubt that this is an issue with the January 7 Live Update. I have several systems that I look after and all run NAV 2003 Pro and are experiencing the slowdown problem in both Office 2000 Pro and Office XP Pro. The banner at the bottom says "requesting virus scan" and it takes around 2 minutes to load any files (not just the program itself).
The temporary fix is to turn off the NAV Office Plug-in:
1. Start NAV (or double click on it in the system tray in the lower right .... wait several seconds).
2. Click Options, and then click Miscellaneous.
3. In the "How to keep Microsoft Office documents protected" section, uncheck Enable Office plug-in.
4. Click OK, and then exit NAV.
You can re-enable it once the issue has cleared up. At this point, I am not sure how it affects Outlook when you turn this feature off. I imagine that it treats email in general as a separate category to Office documents. Perhaps someone else has a better answer.