On my win7 x64 ultimate box, there's what looks like a runaway process named WmiPrvSE.exe. It's eating up all of one core. Digging into the Event Viewer isn't very enlightening - you can turn on logging by checking View->Show Analytic and Debug Logs in the menu bar, and then going to Applications and Services Logs\Microsoft\Windows\WMI-Activity\Trace. Microsoft provides more detailed information about turning on this logging.
There's a lot of activity in there, well over 150 operations in the 5 seconds of the first page of the log. None of it appears to be particularly relevant.
However, a lot of the traffic to the log appears to originate from a specific and relatively low process id - which turns out to be svchost.exe. No joy there - svchost.exe could be doing anything, and this particular instance of svchost doesn't appear to be busy; its CPU utilization is 0%. But in the task manager, we can right-click on that instance of svchost.exe and say 'go to services' to see what services are running inside that task. Maybe that'll be helpful.
It's running all kinds of relatively low-level junk: Themes, Windows Management Instrumentation, Shell Hardware Detection, User Profile Service, Group Policy Client, Computer Browser, Task Scheduler, Server, IP Helper, Application Experience - many of which are important and can't be turned off.
After some trial and error in the Services app looking for stuff that I don't need, I turn off Windows Live Family Safety Service. After about 15 seconds, WmiPrvSE.exe settles down and my machine CPU usage goes to 0%. I turn in back on, and WmiPrvSE spikes again.
I don't know what Family Safety is doing, and I'm tempted to turn it off and try a different solution to keep my kids off the nastier parts of teh interwebz. Anyone have any advice?