I have a similar problem, using Win 98 and IE5.5. AND After updating the latest stuff too!
Everytime i click on a new message it freezes and all other links dont work. Give it time and they work after few minutes. (Will time it to see if its the same two minutes!)
Also MSN Messenger has been playing up. After you login the logo spins around as usual to show its logging in. But then it too freezes. After getting on with other stuff, it opens up a few minutes later. When i used to Ctrl-Alt-Del to End the program it would show its Not Responding.
**Unrelated Im sure but the MSN and hotmail is down tonight too..any ideas? Perhaps i should change to Yahoo!