I don't have the computer, but it sounds like SpeedStep is activated, like youm0nt said, to save battery life.
When the computer boots, tap F2 repeatedly until the BIOS settings appear. Search for the SpeedStep setting, and turn SpeedStep off. Make sure you don't change anything else, as you could seriously mess up the system if you're not careful! When you save and reboot, your computer will run at full speed all the time.
Good luck and congrats on snagging the laptop!