That seems pretty high for your machine. My slowest machine has a transmeta crusoe processor and doesn't go above 16%. Are you using any DSP plugins or anything else (EQ, resampling) that might be increasing the workload for MC?
Remember also that the mobile processor you're using is adjusting the CPU speed based on CPU load (depending which power scheme you are using and if you are on AC or battery). Therefore, basing total CPU load on task mananger isn't accurate since the OS can increase your CPU speed as demands increase.
Try changing your power scheme to "Always on", this will lock your cpu at full speed and then task manager will reflect the true cpu load. XP power schemes are more than simple time settings to dictate how many minutes your computer will wait before screensaver/standby etc. I made the following graphic from information found in an MS document about power management, it might be useful to decide which you want to use:
(http://www.davenicolai.com/images/misc/XP_Processor_Control.gif)
As you can see, some of the schemes are redundant and poorly named as well. The last thing I would want while giving a powerpoint or video presentation is the worst performance!
And remember that using 'always on' is not a good choice if you are concerned about battery life, it should only be used when maximum performance is needed.