Build hangs for a minute or so....

Visual Studio 2003 7.1.3088
.NET 1.1.4322 SP1

When I press F5 (build) or CRTL F5 I get a "Build started..."  message in
the status bar and then Visual Studio hangs for a minute or so (devenv.exe
not responding in the task manager), disks are not doing anything, processor
is at 0%. After a minute it actually starts the build and it starts the
program.

I tried disabling the antivirus, about every process and service there is,
but nothing helped.

Anyone?

Thanks