I experienced exactly the same problem with my Thinkpad T61.
One evening after waking the computer I noticed that the battery wasn't being 
recognized.  I put the computer to sleep, pulled it out and put it back in, and 
after this the problem started with the wired ethernet.
The activity lights were on all the time, event/0 CPU usage would be very high, 
and every few seconds the computer would briefly become very laggy.  This 
behaviour would go away temporarily when I used "ifconfig eth0 down" (which 
would take about 4 seconds to execute) but it would come back as soon as the 
computer was put to sleep and woken up again.  Power cycling had not effect.  I 
tried using an older version of the kernel but the problem persisted.
This went on for about a week until I found this thread.  I shut the computer 
off, unplugged the battery and AC adapter, and let it sit for about 3 minutes.
When I started it back up the problem was gone!

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https://bugs.launchpad.net/bugs/537396

Title:
  events/0 spikes CPU every 3 seconds since upgrade to 2.6.31-20

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