CVS Emacs built and running on Windows XP seems to perform some network
operations that cause a ~60 second pause after the initial window is
drawn and before the Welcome screen appears.  If I disconnect my network
cable, it starts up quickly (which makes me suspect that it is blocked
on a network access).

I've used SysInternals Process Explorer to get a stack trace of the
thread that seems to be hanging.  It is attached as a PNG image (because
Process Explorer won't let me copy-and-paste from the stack trace
window).  The stack trace shows a call to LsaLookupSids() on the stack,
which might be taking some time since my computer is on a domain.  I've
taken a stack trace at several different times during the hang, and
LsaLookupSids() is always on the stack.

If it copy the install directory to a Windows XP machine that is not on
a domain, Emacs starts without any pause.

Let me know if there's anything additional information I can provide.
--
Fran