The problem may actually lie with your internet service provider...I'd have that checked before wiping out the hard drive.
I have broadband and had issues when another utility company nicked one of the lines. Even though it is considered a high speed connection...ours runs through our phone lines...so those lines must be clear too.
Have you checked the speed your computer is connected? That may give you some indication. If it's not connecting at high speeds...that'll slow things down.
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