Haha, I must've mistyped...sorry

Stupid math!
Gidge, I think it's a combination of CPU and the dreaded bus. The CPU is an easy one, the bus is a lot more complex because we're talking about a majority of the devices in the machine. That's one of the reasons the chipset it soooo important. Timing is a rather critical issue when we start pumping large streams of "realtime" data.
I honestly don't think that the hard drive has much of an impact if you're at 7200RPM. Perhaps an ugly controller could be a culprit, but I can't see the drive itself being a problem. Using dskbench I've always been able to get at least 22-25MB/sec sustained multiple large file transfer rates with a 7200RPM drive, which is enough bandwidth to handle a whole boatload of tracks, even if we assume less than 1/2 that performance in real world applications (e.g. we only need 9MB/sec to handle 32 24/96 tracks).
If everything is fine until you start adding realtime effects, and your CPU usage isn't peaking, then it *could* be the hard drive, but I would suspect something lower like the controller or drivers. It could also be an inefficiency somewhere else in the chipset, a nasty device hogging the bus or stalling, etc, etc, etc. It's so hard to troubleshoot that I never get involved with "I've got a stuttering problem" discussions anymore. It could be one of a huge number of things and most people aren't willing to troubleshoot properly because it requires pulling shit apart.
Memory is not an issue as long as you've got enough. 256MB is good. Higher system bus speeds of course imply better performance.
I've got one of the good ol' 440BX machines, and I start to get stuttering right when the CPU gets up in to the 75-80% sustained usage area, which I think is pretty damn good. Very predictable regardless of what effects I'm using or how many tracks I'm running (although I rarely go over 24).
Of course the number of effects will have an impact, but more importantly, the "intensity" of the effects will have an impact. The more CPU intensive the effect, the more CPU usage (duh). So I might be able to do 3
Waves Trueverb effects before my CPU is getting up over 60%....or 15 n-Track reverbs.
Without the overhead of COM, VST plugins can be considered more efficient. How much more? Probably nothing to write home about. They are certainly loads easier to develop!
Slackmaster 2000