I am not yet sure what it might be, but suggestions are you run a virus scan, just in case.
Does it run at that high rate, or slow down or stop after a while. Doing a Cold boot might be the best way to check its activity.
In Task Manager, Processes, show all users, there should be two versions of the process running. One is a NetworkService and one a Local user.
As I was typing, both of mine shutdown, but they did run for a while after I started my Windows 7 system. If you can tell if it is the NetworkService user, it might help pin down the problem.
You could try ending the process, but be aware, in some situations a reboot may be required to get everything back, if you were to disable a vital process.
Other things I saw mentioned while searching are Windows Media Player, the Prefetch system, and possibly the Search Indexing process.