Why does right clicking a file then going to "Open with" kill my computer?

freaky

OSXer
I have a Mac Pro with four processors and 7 GBs of RAM. For months now, whenever I right click a file then hover over "Open with..." it just kills my computer and makes it dreadfully slow for several minutes. I can hear the disk drive going nuts.

I just reformatted about 3-4 months and am not sure what to do to resolve this. It's like the kiss of death for this computer to have to show a list of Applications. What gives??
 
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