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You said you disabled all plugins - does this include effects?
Does the project use a lot of samples, compared to other more "intense" projects which might just use a lot of CPU cycles? Maybe he's got a crappy hard drive and it's dragging things down.
Did you check memory usage? If you're running out of memory, or the page file is much bigger than it needs to be, it's going to start paging to disk. Same effect as above.
Is the same version of Ableton Live on both PCs?
Also check the number of threads that Ableton Live has spun off, on his computer compared to yours. If the number is ridiculously high, then a lot of CPU power is being wasted on context switches. Some particularly poor code might go nuts in a dual-core environment while playing it safe in a single-core.
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My party schedule:
2009-02-21 - DJ Attention @ I'm So Popular
2009-06-18 - DJ Annoying @ People Need To Know Where I'll Be
2012-11-32 - DJ Insufferable ɸ Or At Least the Stalkers I Complain About
2048-06-66 - Spastic & Whocares ¶ Although I'm Actually Flattered
9999-45-81 - Tweaker Gimp ☼ I Probably Won't Even Go To This But I Have To Make Sure I Fill Up All The Available Space Here
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