mds process at 112% CPU and 2.45 GB Real Memory

I have had my Mac for almost a year and this problem started recently in the past month or 2. Started with the message about my Startup Disk being out of memory and could not use my computer. I cleared out about 50GB from the hard drive and restarted. I came back later on in the day and the free space from earlier was gone. Activity Monitor showed 49GB worth of Swap used and similar Page outs. Identified the mds process as using large amounts of CPU and Memory to the point of filling my hard drive with Swap files. I was running Parallels (windows 7) prior to this ever since I bought my Mac but have removed the Win 7 folder to gain hard drive space. Not using anything intense, just Safari, Mail and Adium. I quit the mds process but it came right back, I put my drives in the Spotlight Privacy but no change. I usually use Time Machine but turned off auto backup, no change.

Any ideas on how to fix this? I have 8GB of RAM on the way and will upgrade to 320 hard drive as well but I am afraid that the mds issue will just keep killing all my RAM and hard drive resources.

Also, I would post a screenshot of my Activity Monitor but don't see the option, how do I do it?

Thanks!