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It seems to me that 128M of RAM might be cutting it close for Windows 2000. If your CPU is running at 45 - 80%, then I can't say that I'm surprised that it's taking a while to open the script editor, although 15 seconds still seems long.
I'm running a P4 with 512M, Windows XP Home, and I still see about a 2 to 3 second delay opening the editor.
I'd suggest you go through your running programs and see if you can disable some of them, and/or look at getting more RAM and/or a faster processor. 20G free space on your hard drive is plenty, so that's not going to have an effect.
