My imac is from 8/07 and although i have ad no problems llately it is very slow often showing the colorwheel between tasks.  any ideas beides buy new one

My imac os from 2007 and still works great.  Even got the new Lion  pgrade.  The machine has become quite slow and goes to color wheel between tasks.
Any ways to help sort of purchasing a new one

Is your data backed up from prior to the upgrade?
Did you ensure all your applications are known to be compatible on this list:
http://roaringapps.com/apps:table
Is Time Machine running?
Is Spotlight indexing?
How big is the hard drive, and how much free space does it have?

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