This is an indication of missing or corrupt settings or files for the Protected Storage Service. This is a Windows service that allows you to save passwords for your Identities. This MS Knowledge Base article describes the problem and gives several possible solutions:
Q251787 - Delayed Response When Editing Internet Explorer Forms and Outlook Express May Take a Long Time to Start
If the suggestions in the KB article do not solve the problem, you might also need to replace the Protected Storage files.
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