If you can't attribute a spike on a single CPU to a specific process, then it's likely caused by interrupt or DPC processing. You can use Performance Monitor (perfmon) or Process Explorer to confirm.
Try resetting the motherboard BIOS settings to factory defaults and disabling or removing all hardware other than what you need to boot and use the system, i.e. remove USB devices other than keyboard and mouse (use PS/2 devices if possible), disable on-board audio and network interface, etc. If the problem is solved, add bits back until things break again. One you find the bad device, make sure you have the appropriate driver installed (which may not be the latest, but that's a good place to start).
Asus eventually stops adding new drivers for older motherboards to their site, so you may have to go directly to the part vendors for drivers: SiS, Analog Devices, and Intel. For a system you don't want to fiddle with, start with the drivers provided by Microsoft. You can uninstall the current driver and install the one distributed by Microsoft directly from device manager.