Cacheman works very well on Windows XP and Windows Vista and has been especially designed for speeding up Windows 7 (32 and 64 bit) by optimizing several caches, managing RAM and fine tuning a number of system settings.
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I've been using CachemanXP for years just for the memory & cpu gagues in the system tray. I wouldn't say it's not free. Some of the features are just disabled in the version you don't pay for. It doesn't shut down completely like some programs do.