Upgraded to SQL 2005 - 64bit Itanium server

We moved a 2000 db over to 2005 via the detach/attach method.
Ran the usual dbcc for stats and checkdb with no errors.
However, when we run loadrunner against the system (5 users doing the same
amount of reads and writes), the CPU max's out and performance is terrible.

Even when I run a sp_who the CPU spikes.. We are suppose to have both the os
and sql server in 64bit mode, but I noticed that a lot of the services have
an *32 after their name. Does that mean we aren't truly running 64?
Also, I noticed we have two separate program file paths..

Any help would be greatly appreciated, we are suppose to have our load
testing completed by this weekend.

win 2003 enterprise, sql 2005 enterprise
Thanks in advance
Susan