Hi Josh,
kextcache is a system process that is used to rebuild/update the system's kernel extensions caches. It's run by the system automatically, or can be run manually I suppose.
The fact that it is using all of your system resources to do its job is worrisome. If we were just talking about any old system caches, I might be inclined to say wipe them and have the system rebuild them. However, we're dealing with kernel extensions and I don't really know what's safe to touch and what's not.
The first thing I would recommend would be to backup your data if you haven't already. Once that's done, I don't think an archive and reinstall would be a bad thing.
p.s. If your system still has kextcache running out of control, you can safely kill this with Activity Monitor or "killall" from the command line. However, you might find that it restarts at some point...