Start OpenOffice and click on Tools > Options to go to the configuration 
window. Click on Memory in the left menu and change the following settings:

* Number of Steps: 30
* Use for Open Office: 128
* Memory per Object: 20
* Number of Objects: 20

Click on Java in the left menu afterwards and uncheck Use a Java Runtime 
Environment.

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OOo was designed for a PC with 64MB of ram. Increase the amount of RAM
available to it and it flies. Ideally this should be automatic, but it's
not. In OOo go into Tools - Options - OpenOffice.org - Memory and multiply
the amount of RAM required by 10 (or more if you are feeling benevolent).
That works fine for me, just as speedy as it was on release 1.

I did this for the following options in the Memory panel Graphics Cache and
yes it works:
99Mb for the cache, 24Mb per object, remove after 10 minutes and 200
inserted objects.