[quote user="Tbilisi"]... You seem to imply that there is a solution under Vista, and presumably under 7 as well. I'd deeply appreciate it if you could elaborate on that solution.[/quote]
That's not what I understand: He says there would be a fix if he was using .NET instead of the current C programming language, so there is no easy solution, yet.
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Perhaps you can use to obtain more detailed information about where exactly it's having problems? Right clicking on winpm-32.exe in Process Explorer and opening properties should give you a tabbed window with a lot of information. The "Threads" tab may be able to isolate a particular thread that is hogging the CPU - I generally see about five threads that are related to Pegasus Mail.