ITunes now unuseable???

I recently added Apple TV to my set up, wireless and set to custom synch. I also updated iTunes to 8.2.1.
Now iTunes has become almost impossible to use. Clicking to view anything different i.e going from music to movies or podcasts results in a least a minute of spinning beachball. The same happens when I try and import music or add a movie file, spinning beachball, often leaving me no option but to force quit the application.
Is this likely to be anything to do with Apple TV (I cannot see how, but I will clutch at any straw right now). I've also recently had my broadband speed restricted to 1mb by BT, having exceeded the 'unlimited download' limit!! Again, could this be anything to do with my problem.
My iTunes library is stored on an external HD and weighs in at around 250gb (having recently downloaded season 1-5 of Lost, hence my exceeding my broadband limit!!)
Any help and advice very gratefully received.

I have the same problem on my imac!!!!
I get the problem you have. Just spins.
I also will have it sometimes play a podcast or song but not the one that is labled! e.g select a beatles song and it plays the rolling stones. When I check the show me in finder...it shows the correct file for that song. But I can't play it!
Its broke.
Please Apple help!

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