svchost.exe 46.97 2,832 K 5,804 K 732 Host Process for Windows Services Microsoft Corporation (Verified) Microsoft Windows
We really need to find out what this svchost.exe is doing. It's taking half of your CPU time in Safe Mode. Can you go back into Safe Mode with networking and run Process Explorer as before? This time if svchost.exe is using a lot of CPU (first hit the Space bar to stop it from jumping around), hover over the svchost.exe and it will tell you what services are riding on it.
It will look something like this:
This one has services DCOM, Power & Plug and Play.