D3D9 - King Kong Goes from 120+ FPS to 1FPS with Special K

I’m trying to run Peter Jackson’s King Kong (Signature Edition) but it drops from 120+ FPS to 1FPS right after loading screen. When first 2 pre-rendered videos play in the intro, they play at their normal rate. After the 3rd one plays, the framerate drops to 1 and it’s extremely difficult to get anything done.

Any ideas what might be causing it?