MS Power point professional 2007 slows then hangs

I'm using MS Powerpoint 2007 which is running slow and then it hangs.

In the event viewer I see the following:

Event officelifeboathang, P1 powerpnt.exe, P2 12.0.6425.1000, P3 ntdll.dll, P4 5.1.2600.5512, P5 NIL, P6 NIL, P7 NIL, P8 NIL, P9 NIL, P10 NIL.

The client has sent an activation request to the key management service machine.

Info:

0xC0020017, 0x00000000, dc01.noritakelk.local:1688, 70e3821b-db87-4777-862c-8d9f2d5a3646, 2011/07/22 05:24, 0, 2, 41819, 6f327760-8c5c-417c-9b61-836a98287e0c, 5

Hanging application POWERPNT.EXE, version 12.0.6425.1000, hang module hungapp, version 0.0.0.0, hang address 0x00000000.

How can I resolve this?

More information might help.

Have you applied Service Pack 2 for Office 2007?

Is the problem limited to one presentation or does it happen with several/many/all presentations?

Does the problem always occur at a certain point repeatably, or is it random?