Final Cut Pro HD project file opens slowly

I have a very large movie project which is connected to about 800 gigs of HD footage split between two Lacie Extreme hard drives. Everything used to open fine, but when I tried to open the project this week, final cut opens fine but then it gets to the "reading project" and it takes an hour just to get to one percent. It did open after 30 hours or so.
I brought my hard drives to a computer lab and the project opened there, although the computer soon ran out of memory. My project files aren't corrupted, and my hard drives seem to be fine...so why is it taking so long for the project to open on my computer?
I've also had trouble copying files from my hard drives to my computer and vice versa. The larger the file, the longer the copying stays at "0%, 1 minute remaining" until it finally starts copying, at which point it is normal. Could this be related?

Thanks for responding.
I found that if I set final cut to play the footage at lower resolution and half the frame rate, the sequences would play without freezing as much, but this doesn't solve the bigger problem.
I have Activity Monitor open and right now it says Final Cut is using 8.4% CPU, with 654.2 MB of Real Memory and 1.76GB of Virtual memory. When I go to "Inspect" and to the Statistics tab, is says "Page Ins: 58398" There are also stats about Shared and Private Memory. I don't know how to interpret any of this.
I don't know that I have CMYK graphics, and what is multi-clip?
My hard drives are 80% and 95% full.
I will try duplicating the project and deleting all but the current version of my sequences. I will also try to use render manager. Are you saying it might help if I delete all renders and rerender what I need?
I did copy one sequence into a new project and am trying to open that now. It is taking a very long time...it will certainly load must faster than the huge project but it doesn't seem to have solved the problem.
Let me know what you think & thanks.

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