Outlook 2003 hangs for ~2-5 minutes regardless of accounts/pst/pro

Outlook 2003 SP1, on XPP SP2, began taking a long time to start up just 2
weeks ago.
The outlook splash screen appears, and an outlook window with toolbars and
menus appear with the folder list grey and the right pane white, both with no
data. this will continue for ~2-5 minutes at which point outlook runs as
normal. some programs like snag it that have a 'send to mail recipient'
option take ~2-5 minutes to create the unaddressed mail.

I have tried the following so far;
removed all add-ins and COM add-ins
changed av suite
removed all accounts
moved pst files
scanned pst files with scanpst
created new pst files
removed and reinstalled
tested witha new profile on windows
booted in diag mode
outlook.exe /safe

I have poured over news and kb, with no right on articles - any suggestions
are greatly appreciated.

Thanks!
ArmenV.