Gregg, which anti-virus are you running on that computer?
Um, yeah... what he said.
First, make sure it's svchost.exe and not svchosts.exe. The one with an extra "s" is a trojan.
Svchost.exe is used by services to establish internet connection. One of its primary jobs is to load the hosts file. If you are using anti-malware software that loads entries into the hosts file (or have a worm that loads entries into the hosts file), svchost will take about 5-20 minutes to run. When it does run, it usually takes about 95-99% of a core. It runs at a very high priority. That is normal. (Annoying, but normal.) Some antivirus / anti-malware software that tweaks the firewall settings or other network settings can apparently also set svchost to do its thing.
First and foremost, what antivirus / anti-malware software are you running. If you say "none", you've probably just answered your question. Even if you never surf the web (spyware, virus) or install anything (trojan), you can get the creeping crud. By definition, a "worm" is self replicating. The normal replication is to send out a blanket ping signal on the vulnerable port, and then attach to and copy itself to any computer that responds. You still have to keep your system up to date, and have antivirus software. If the machine just sits there, a freeware antivirus and firewall program should protect it just fine. (Make *sure* you do some reading on other sites and use something good and legit, not "rogue".)
One last thing, check your hosts file. It will be in the windows directory, under system32\drivers\etc\. (The location seems the same in 64-bit Vista.) Open it with notepad. (Be careful if you edit it. It *cannot* be saved as a .txt or .doc file.) It will start with a block of text. After that, you should only see one or two entries. One will be "127.0.0.1 localhost". You may also see "::1 localhost".
If you see more, that's reason for concern, if you didn't do it yourself. Look through the names. Entries are read right to left. The right is the "English name" entry it gets from what you type in a web browser. The left is a numeric IP. It will resolve the address on the right to the IP on the left. This is done locally, with no Domain Name Resolution request to your ISP server.
If the IP addresses are 127.0.0.1, this is the loopback address that is in the hardware of your (and every) network card. It's an industry standard, dummy "test" address. This can be good or bad. If the address is something else, that means something is trying to re-direct your traffic, which is why svchost.exe is running. (See, I was going somewhere with this!

) Look at the network names.
If the names look, like malware sites (random strings of letters and numbers), and bad porn sites (trust me, these *will* be obvious!

), and they go to the local loopback (127.0.0.1), that is any anti-malware software you have trying to protect you. This is a simple trick to redirect known bad sites to the local loopback, so your computer cannot reach them. In this case, let the svchost run. It's for the good of your PC. Yes, it can take 20 minutes or more.
If the names are company names, most commonly Microsoft sites, search engines (Google, Yahoo), and anti-malware companies (Symantec, McCaffee, Grisoft, CATrust, ZoneLabs), something is trying to keep you from getting to support / malware sites, and that's bad. That's a sure sign of infection.
So, check your AV software, make sure it's updating. Make sure you're getting updates from Microsoft. Check your hosts file.
OK?
Mike