iTunes uses almost 100% of CPU and slows PC down

Recently I decided to start using my iPod touch 4G again and downloaded the latest version of iTunes.

Upon launch, iTunes acts normally until about 4-5 minutes of being open (just in idle). It then happily proceeds to use up 100% of my CPU load and slows my entire PC down to a halt, even once I've closed it (iTunes).

I've tried re-installing it, downloading a different version, disconnecting from the internet, practically everything and yet the problem persists.

My PC specs are as follows:

Amd FX Piledriver 8-Core FX-8350 @ 4.0GHz

Powercolour HD7990 Devil 13
G-Skill 1866Mhz 16Gb memory
OCZ Vector 128Gb HDD / WD Caviar Green 3TB

So I can assure you, this is NOT hardware related.

I've tried the following method with no results.

1) Click Start and type "cmd" (without the quotes) DO NOT press enter or Ok yet.

2) Right click "cmd" in the search results at the top of the start menu and select "Run as Administrator".

3) In the command window, type "netsh" and press enter. (Without the quotes)

4) In the next prompt, type "winsock" and press enter. (Without the quotes)

5) In the next prompt, type "reset" and press enter. (Without the quotes)

6) Reboot the PC. (Do not skip this step)

I've also been through the list of conflicting software and have none of the mentioned.

I'm running Windows 7 with the latest updates.

I'm getting extremely frustrated now. ANY help would be appreciated.