Ok, I have a few XP (SP2) systems here that all have the same problem. "Blinking" desktop icons and explorer.exe pegging. (70-90% of CPU).
A few of the icons blink in and out, but ALL of the shortcuts' little arrows blink on and off about 1-2x a second.
I have checked for spyware and anti-virus files/definitions are current. Used TweakUI to rebuild the icons and to remove/re-add the shorcut arrows. The video drivers are up to date. Added the "Max Cached Icons" registry entry too. Nothing seems to help. It doesn't happen all the time, just most of the time.
Since this is happening on new and old machines, Dell and "home-made", I don't think it's a hardware issue.
Any suggestions would be greatly appreciated!
