iMac (late 2011) 2.5 GHz Intel Core i5
Mac OS X 10.7.5

As of this morning my iMac has been 'misbehaving' — slow/delayed page loading and switching from one window or application to another in particular. Mouse clicks result in delayed action as does keyboard typing.

This started just after it wouldn't re-awake from sleep. First I restarted it, then tried shutting down for a half hour. It seems to have involved a problem/crash with System Preferences, the diagnostic report (52KB) of which starts off as:

Process: System Preferences [33407]
Path: /Applications/System Preferences.app/Contents/MacOS/System Preferences
Identifier: com.apple.systempreferences
Version: 11.0 (11.0)
Build Info: SystemPrefsApp-214009000000000~8
Code Type: X86-64 (Native)
Parent Process: launchd [140]

Date/Time: 2013-08-14 04:19:46.894 -0600
OS Version: Mac OS X 10.7.5 (11G63)
Report Version: 9

Crashed Thread: 0 Dispatch queue: com.apple.main-thread

Exception Type: EXC_BAD_ACCESS (SIGBUS)
Exception Codes: 0x000000000000000a, 0x00007fff885c7a49

VM Regions Near 0x7fff885c7a49:
Submap 00007fff77e91000-00007fff80000000 r--/rwx process-only submap
--> Submap 00007fff80000000-00007fffc0000000 r--/rwx machine-wide submap
unused split lib 00007fff863b0000-00007fff863b5000 [ 20K] r-x/r-x SM=COW system shared library region not used by this process

Application Specific Information:
com.apple.preference.network v.2.6.1 (Network)
objc[33407]: garbage collection is ON


In the system log the following 2 messages appear over and over again when it's acting up:

13-08-14 9:57:09.000 kernel: (default pager): [KERNEL]: default_pager_backing_store_monitor - send LO_WAT_ALERT
13-08-14 9:57:10.000 kernel: macx_swapoff SUCCESS

13-08-14 5:03:36.000 kernel: (default pager): [KERNEL]: ps_select_segment - send HI_WAT_ALERT
13-08-14 5:03:36.000 kernel: macx_swapon SUCCESS

And very often the spinning pizza shows up, preventing anything else from executing.

I have no idea what any of this means — or how I might correct it.

Any thoughts or suggestions?