I really don't need Parental Controls at all, and I don't think I need Anti-Spam. Any suggestions?
Then uninstall them by selecting McAfee Security Center in Control Panel/Add or Remove Programs and selecting only those items for removal. See if it helps.
You can always add them later using the Customize option in the installer.
Also make sure that IE7 is set to its default settings by going to Tools/Internet Options/Advanced and clicking the Reset button, closing and reopening IE7. You will have to re enable the add-ons afterwards.
Make sure you don't have any other protections that is active other than McAfee and make sure that McAfee is set to default settings, especially in the Firewall.
Double-click the taskbar icon to open Security Center
Click Advanced Menu (bottom left)
Click Configure (left)
Click Internet & Network (top left)
Adjustments can be made in the right-hand side and clicking the Advanced button there gives many options.
Anything above default will contribute to slowdowns.
Make sure that Windows Firewall is disabled.
Clear out all your temporary files - go to Start/Run and enter %temp% , Edit button/Select All and delete as many as will go.
Do the same entering just temp - not all will go but a good many will.
In SiteAdvisor options make sure that Protected Mode is turned off.
Did you have other software installed prior to this version of McAfee?
Lastly Google
speed up ie7 to find hints on the web.