There are several items I have read or experienced that can drastically effect the speed/performance of Windows 7 and I will list them as items to consider.
Your anti-virus software. An active anti-virus software is a necessary evil that is often just quite evil. The truth is, to detect anti-viruses the anti-virus program has to behave like one - it tries to force itself into every operation you do before anything else is allowed to run, this includes your boot-up, the services, harddrive and flashdrive accesses, and browser calls. Try removing your anti-virus software and see if your problem persists; I would say over the months I have been on this forum this is the #1 cause of numerous problems from slow-downs to BSODs. If this eliminates your problem then this forum recommends using Microsoft Security Essentials (MSE) as your frontline active defense.
The size of your hosts file. I found this to be a huge problem for me but if you are unfamiliar with the hosts file then it likely is not the cause of your problem. Essentially the hosts file is a hard-coded look-up table for DNS addresses which is checked prior to passing the url to your dns server. My hosts file has over 10,000 entries, designed to redirect calls to known advertising sites and malware back to my computer instead, and although I consider it extremely useful, it would cause my computer to come to a crawl about every 15 minutes when the windows dns svchost would update. You can detect this issue by using
process explorer and seeing one svchost hit your CPU at 50% or better every 15 minutes or so and if you right-click the svchost and select properties you will see it includes the DNS service. The solution that worked for me was a freeware utility
HostsMan, which was recommended by member etelmar and now I recommend as well. It removed duplicates, sorted and organized the file and I no longer have the slow-down.
Hardware problems. The third issue I experienced was that my usb trackball would stop tracking and I blamed it on system lag but could not see any process utilizing CPU with process explorer. I even tried buying and using a usb to PS/2 adapter but the problem persisted. By chance I was messing with my system sounds and I set a sound to device connect and disconnect and I started hearing the sounds repeatedly while using my trackball. It turned out there was a short in my trackball cable and it was loosing connection. I cut about 6 inches off my wire and re-soldered it and my issue was solved. Not a software problem at all, just my can't-live-without-it 15 year old trackball.
The point is, your issue may sound the same but be caused by many different things and so you basically need to try everything one by one and knock out the possibilities until you find one that works for you. And when you do find a solution, if it isn't listed here already then please add it to the list for others to try.