This happened to one of my colleagues and cleaning the solution didn't work. He fixed it by deleting the source directory and getting a fresh checkout from subversion.
(which was lucky for him because he was this close to reinstalling VS)
So reading into that, I guess there was some obscure output file that was causing the slowdown.
You could try copying your solution and all your source files to a different directory, leaving behind all the bin and obj files, and seeing if that makes any difference.
If it still happens, create a brand new solution and see if it's still slower than your friend.
If so then a VS reinstall might be in order. And I feel your pain, that's at least 3hrs down the swanny.