Defrag finished last night sometime so it took approximately four full days to complete. The last fifty per-cent was obviously a lot quicker than the first. I analyzed the disk again with Microsoft Disk Defragmenter and it recommend that I defrag it!
I wonder if Microsoft plan to fix this problem in Windows 7? It doesn't look like it though.
Right now I have to finish the few jobs that are still on the computer and get it ready to live out its life in "server-tude".