You can see what Spotlight's doing by taking a peek at what files its indexing process, mdworker, is reading with this terminal command from an admin user accout:
sudo fs_usage -w -f filesys mdworker
If the output is going too fast, you can pipe it to less and page through it with spacebar (press "u" to go up a page):
sudo fs_usage -w -f filesys mdworker | less
Or output it to a file for later reference:
sudo fs_usage -w -f filesys mdworker > ~/Documents/mdworker.txt
Just hit ctrl-c after it's been running for several seconds to get a good sample dumped to the file.
In all likelyhood you'll see a pattern of the same files being indexed over and over. A common one is the Google Chrome "Extensions" folder. Once you've found the culprit(s), you can do more investigation or just exclude them or a folder 1 level up from indexing in the Privacy tab of the Spotlight PrefPane. To make things easier, you can press cmd-shift-g after clicking the + there, and then paste a path from your terminal output. The changes should take effect immediately, however if you need to reload spotlight:
sudo launchctl stop com.apple.metadata.mds && sudo launchctl start com.apple.metadata.mds