NTVDM causing 100% CPU usage

There is a DOS based app that we are running in W2K (all the machines are Compaq Deskpro EN, 1GHz ,128 meg). You can see on the Performance monitor that as soon as the app is launched, CPU utilization spikes to 100% and stays there until the programis terminated.

Any suggestions on how to get this to stop spiking the CPU?