We had this issue with a ton of our laptops at work. Eventually we had to go to Microsoft and have them send us a patch to kill that process. It was hogging 100% system resources and eventually drowning all of our systems.
I really don't have any information on what it was exactly or where it came from though. We believe it was something in an update from Microsoft perhaps. Also, we figured it was "updates" to your PC and to just let them run their course.
Some of the PC's we had hadn't been plugged up and updated in a very long time and it seemed after letting svchost run and finish the updates (they may be in the background or something and you can't see them, or they were stopped prematurely before) the PC's eventually came out of it perfectly fine.
So either A let it run it's course or go to microsoft.com and try to update your PC fully. Make sure it has everything up to date that's required. Period. Or B, see if you can find a patch for it.