Hi again,
looking further into this problem, we found out another possible cause. There is a feature (called tar pitting) in the SMTP Service from windows with slows down the communication if an SMTP client constantly tries to deliver emails to invalid recipients.
This would cause a problem similar to the one you are having. This feature is disabled by default, but it may be enabled in your server.
Verify if you have an entry for TarpitTime in the registry key HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\SMTPSVC\Parameters. This value sets the number of seconds the SMTP server delays the communication if an invalid recipient is specified in the SMTP session.
You can find more about this feature here:
http://support.microsoft.com/default.aspx?kbid=842851Let us know if this helps.