I notice you are running Lion.
Have you checked Activity Monitor? Which is maxing out? CPU or memory? FCP X typically takes up over 7 GB, at least for me. The performance issue I see is Inactive Memory usage slowly rises. It rises even if you aren’t actually doing something.
Launch FCP X and the Activity Monitor. Watch Inactive Memory and it will probably start rising. Use FCP X and it seems to rise quicker.
My understanding of Inactive Memory is that the OS sets it aside, typically when you quit an application. It’s keeps it in case you reopen the same app. Eventually, it’s supposed to release the memory. I’ve never seen Lion release any Inactive Memory. One time, I quite FCP X and all other applications and left my system on over night. I came back in the morning and Inactive Memory had consumed 20 of my 24 GB or memory.
This appears to be a rather well discussed issue on Apple’s Lion Discussion board. I’ve tried some of the suggestions there. Use a new user account, to see if anything hiding in my Library was causing the issue, it’s kind of like a complete trashing of all preferences. I re-installed OS X Lion 10.7.2 Combo, sometimes this helps but it needs to be the Combo. Nothing changed. It’s not FCP X, because the Inactive Memory issue happens without FCP X running. Some suggested running in 32 bit mode, no thanks.
The only way I’ve found to reclaim the Inactive Memory is reboot. I actually tried switching Users, but the Inactive Memory stays the same.
I did come across a suggestion to use the purge command. I tried it out and it does appear to work. Even while using FCP X. But … using Terminal commands makes me nervous. The name itself sounds so permanent, Terminal. (I hum the Terminator theme music the entire time I use it)