How large is the HD and how full is it?
Also it is a known fact that many of the patches actually degrade performance until MS finally gets around to rewriting them correctly.
Finally, the stock defrtag program is very poor at best. Diskeeper offers a free Lite version that is vastly superior to the included MS defrag and it is a free download:
http://www.boostware.com/hardware/ha...eper_lite.html