You may have just made a programming error.
Have you considered upgrading to LabVIEW 6.1? I believe it will only cost you $395 to do so, and is more than worth it.
If you post your code (a screenshot of the diagram would be best in this case), we may be able to help you locate some cause of this CPU hogging. This may not be the case, but needs to be eliminated as a cause before anything else can be done.
Try using the VI Profiler in LabVIEW as well.
Good luck.