When I am creating e-mails in Outlook or documents in Word and press Ctrl-K to insert a Hyperlink, the dialog would freeze for 5-10 seconds. It was very annoying and I've been dealing with this for quite a while on my work laptop.
I turns out I had 8 shortcuts in the "My Documents" folder. Once I deleted them, the Insert Hyperlink dialog opened with no delay.
Microsoft must have some issue with parsing shortcuts. I hope this helps someone else if they encounter this issue.