Windows 7: Images very slow to open in Photoshop Elements 7

I have used Adobe Photoshop Elements 7 and its predecessors for some time but, recently, a problem has ocurred in that colour photograph images take between one and two minutes to open. I have Corel PaintShop Photo Pro X3 loaded also and the same images open instantly in that programme.
To be honest, I have recently been "playing about" with colour management - a subject about which I confess to being far from an expert - and I suspect that I may have inadvertantly upset something whilst doing so. Being now at something of a loss as to know exactly what to investigate, I throw myself on your mercy and ask for knowlegeable guidance.

Try applying this update, it addresses a problem that may be the cause of your issue.
Slow performance in applications that use the DirectWrite API on a computer that is running Windows 7 or Windows Server 2008 R2

Or better yet open up windows update and apply the optional updates because there's 4 of them I know of related to direct draw and d3d applications and performance.

Maguscreed,
Many thanks but DirectWrite appears to concerned with text and none of the images in question contain any. Additionally, I have checked with Win Update and am fully up-to-date, something I am pretty scrupulous about.