Okay, it seems that Vista is the key factor here (big surprise).
I'm using 32-bit Vista home premium. I tried the xp compatibility mode, but it didn't help. Toribash version is 3.02.
Im getting below 20fps ingame without frameskip. Frameskip 1 helps a bit but it's still under 30 fps ingame.
Oh, and 3.02 won't start up with -width and -height parametres, too.