Follow Jimoblak's advice, even though XP is supposed to handle fonts better than older versionsof windows, whcih choked when one had more than 150 fonts active, try to pare down the active fonts, especially removing any free fonts.
Also, do you have a lot of plugins installed? Try moving them to another folder and see if you open any quicker. 2 minutes to open ID is way too slow, hell, it takes me 20 seconds to open ID2,0 on an NT 4.0 on a 500Mhz PIII, and 12 seconds on a 2.4Ghz P4 with W2K and only 512Mg of RAM.
If all that fails, I would suggest uninstalling it, deleting all temp files, doing a scan disk, defrag, and do a clean reinstall.
Also, make sure that you are not running Norton AV during install. If you are running it now, what happens if you disable and then open ID?
When in doubt, deny all terms and defnitions.