Fallout demo has very low framerate

Paine

First time out of the vault
I downloaded the official demo of Fallout, and it's really chugging.

In these situations, everything moves slowly and jerkily, with extremely low framerate:
1. In the game world
2. In the dialog screen
3. In the main menu
4. In the choose-a-character screen

Interestingly, the game runs just fine in these situations:
1. A Movie is playing
2. In the character creation screen
3. When the Options menu is opened over the main game

Things I've tried so far:

1. Running as an Administrator and in all compatibility modes
2. Downloading the demo from a different source. Interestingly, the logo splash screens were different, but the problem remained.

My System:
Pent4 3.4Ghz
1 GB Ram
geForce 6800
Vista Business 32-bit

Help?
 
Neither refresh rate nor resolution seems to have an appreciable effect on framerate, judged by cursor speed on the main menu.
 
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