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Simplest solution first: Are you sure you're running Windows with 16 bit color depth (aka "High Color"). A 32 (or 24) bit depth ("True Color") slows it down a lot.
If you're already running under 16 bit this most likely is a driver issue. Quite a few cards actually aren't too fond of the latest driver versions. What videocard are you using?
About the Palm thing, I haven't got a clue (if it isn't the same 16/32 thing as stated above) but hopefully someone else comes up with an answer.
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