ePSXe run very slowly now

I use to run ePSXe 1.60 without any problems but now the emulator runs very slowly.

The slowdown even occurs when running only BIOS.

I decided to go with the basic settings:

Plugin: Pete's OpenGL Driver 1.1.75
Author: Pete Bernert
Card vendor: NVIDIA Corporation
GFX card: GeForce2 MX/MX 400/AGP/SSE/forceSW

Resolution/Color:
- 640x480 Window mode
[16 Bit]- Keep psx aspect ratio: off

Textures:
- R4G4B4A4
- Filtering: 0
- Hi-Res textures: 0
- VRam size: 32 MBytes

Framerate:
- FPS limitation: off
- Frame skipping: off
- FPS limit: 60

Compatibility:
- Offscreen drawing: 0
- Framebuffer texture: 0
- Framebuffer access: 0
- Alpha multipass: off
- Mask bit: off
- Advanced blending: off

Misc:
- Scanlines: off
- Line mode: off
- Unfiltered FB: off
- 15 bit FB: off
- Dithering: off
- Screen smoothing: off
- Screen cushion: off
- Game fixes: off [00000000]

I'm using the Eternal SPU 1.41.

The only major change I made is I'm running Windows XP now as oppose to Windows 98 SE.

Does this emualtor run XP?