I've found the problem: Windows Aero. When you're using this enhanced visual style, the performance of the ColorCop refresh is very poor. Turn Aero off, and it works normally. Perhaps it has something to do with ColorCop's screen grabbing method causing Windows to constantly refresh the UI unnecessarily?
I use Win7 64-bit and CC is not slow at all.
In my computer, whatever CC does or I do with CC is instant.
Obviously it's not the CC itself, but something in your computer
Please try to change the configuration setting of your display or
Nothing to lose. When I had a similar problem, it worked.