After two and a half hours of de-fragging, the Laptop's Hard Drive is in as good a shape as it's going to be.
Data and page files all much tidier! Now if only I could achieve the same effect in my living room... Let's see 'Defrag H:\Living Room\ -piles -tidy_all' ? Aww didn't work, oh well.
Windows is a lot more responsive now, Eclipse loads in a more reasonable time and I can actually start up an Android device emulator which is at least semi-responsive. It's still not enough to develop with unfortunately - the device emulator seems to put a really heavy load on your CPU, my main PC can take it fine but the laptop is just too old and slow.
The good news is that I now have both my tablet and my phone connecting to the laptop and I can use either one to test my code in place of the emulator, thus taking the load off the laptop! Ironically both of these devices have more processing power, more memory and in the case of the tablet, more overall storage capacity than the laptop! Maybe I should be running a Windows laptop emulator on my tablet. :)