Probably it's due to the antivirus (probably also BSPeter thought about this by asking you what AV you have)
If you want to make a test you can add BSplayer to the NOD32 ignore list (in NOD32 v3.x you have to press F5 and add BSplayer to the Antivirus Exclusions list, I don't remember the shortcut for NOD32 v2.x)
If, by adding BSplayer to the antivirus ignore list, the startup time decreases, it means that the antivirus taks too much cpu cycles to scan for viruses BSplayer's "bsplayer.exe" executable. In this case you can choose to keep BSplayer in the ignore list or... to unpack BSplayer executable (search the forum for suggestions on how to do it)
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