I just tested an exe of about the same size and complexity on a peer to peer network with a 133 Mhz server with 32 MB and running on workstations from 300Mhz to 400 Mhz and was surprised at the speed. I then moved the app to the 400 MHz machine and speed improved somewhat. I would consider a Pentium 75 with 16MB as the smallest machine I would want to run this app on. You may have some problems on your server. By the way what do you consider slow?
A problem is a problem only as long as it has a possible solution. Lacking that, it becomes a FACT!