I've tested your solver setup both in a 2007 and a 2010 excel environment and in excel 2007 solver finds a solution in about 1 second. Using excel 2010 it takes 5 second for solver to find a solution so I don't think your model is that slow.
My PC has an AMD processor Phenom II 4 965 and run at a speed of 3400 MHz so it's not that fast. Then I got 8 Gb of ram but running the 32 bits versions of excel.
To make a faster model, well if you could convert your solver setup from a non-linear to a linear one that should increase the speed but then you have to get rid of a number of of functions in order to do this conversion.
To test the speed of you model a macro like this would do it. But first you must add a reference -> Visual Basic -> Tools -> References and tick the box marked "Solver".
Then you need to set the format of cell F2 and F3 to "Custom" an select format "mm:ss"
Alf
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