Harddrive space has nothing to do with CPU usage. It is irrelevant. If it wasn't running at 70% constant usage before, then something is wrong.
Are you sure, that since you are on a new install that your computer isn't just struggling because it's doing all the Windows Updates? Don't list all your processes, just the ones chewing up the most CPU and RAM usage.
Also, the best solution is to get rid of Windows Vista. I wiped Vista off my mom's netbook for her and installed Windows 7 and I swear the thing is so much faster. Also, get an SSD
If you reformatted your laptop, the old copy should not even exist anymore. The old copy would only exist if you installed the new copy of Windows while within Windows. Then the installer would make C:\Windows.old which would be your old install. What did you do when you reformatted your laptop exactly? Did you go through the recovery partition? Or did you use a Windows CD and install over the existing partitions or deleted them?