A short while back I posted that I was also experiencing a situation where my SME server was running at close to 100% CPU util. I didn't actually get any replies to my post back then so I was forced to try and track down the problem myself. The messages log indicated something about masq being unable to find a free entry or something (I forget ... human memory, what a wonderful thing). Anyway, I noticed there were lots of activity on the LAN (via the lights on the hub) and tracked it down to one workstation.
Ran a full virus scan and found a virus (trojan actually) and killed it. Funny, NAV2002 was running and always kept updated yet did not prevent the system from being infected or detect that the trojan was running until I did a manual scan. Somehow, the trojan was trying something, I know not what. In any case, problem solved when the trojan died.
Just thought I'd mention it.
Kelvin