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Hmm.. well it could be due to a variety of problems.
1) RAM. You're running a tad tight there on 256MB. I would suggest making sure that any other programs aren't running.
2) CPU usage. A Celeron is a slower cpu than it's regular brethren. Try this: on the taskbar at the bottom, right-click on an empty area (ie that's not a button). A menu should appear, select "Task Manager..." Click on the Performance tab. There, you can see how much of the CPU is being used. If you're already getting 70% cpu usage or higher on just 1 track, then you are pushing the computer quite a bit. 
For the ram and cpu issue, there's an additional thing you can do, which is kill (stop) any background apps (mostly called "services") that's also running. This is a bit more technical, as some services are vital to Windows, and shutting them down might cause your computer to crash.
Here's an article on services in XP (should mostly apply to Win2000 as well). Stopping any non-necessary services will def help your RAM, and might help with the cpu.
http://www.extremetech.com/article2...,1153282,00.asp
3) Hard disk. There's several things you can do here - first try deframenting the hard drive - esp the partition (ie drive letter) that your music is stored on.
The other thing you can try, is find out if the drive is set to PIO mode or DMA mode. PIO mode is slow as hell, because it uses the cpu everytime you access the drive!! Horrid. You want to set it to DMA, *if possible*
From the same article, differrent section (scroll down):
http://www.extremetech.com/article2...,1153283,00.asp
Actually, you should prob read that entire article 
It should prove helpful making your system a bit faster.
Oh.. and make sure you've installed Ad-Aware and Spybot! You might have spyware installed, and those can eat up your RAM and CPU usage greatly, not to mention, I consider those things on the same level as viruses.
Good luck.
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Desktop DJ Ordinaire
"Where words cannot express, music does"
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