I have this same problem on both my Windows 8 computers.....one laptop and one desktop. Both have the Intel HD 4000 video processor but the laptop also has a secondary non-Intel processor.
The laptop is an I5 with integrated video.
The desktop is an I7 with integrated video.
Windows 8 64 bit and Classic Shell on both machines.
When I disable the Intel processor in the laptop the problem goes away. When I disable the Intel processor on the desktop.......leaving no activated video processor....the problem also goes away. Hence it must be caused by the Intel HD 4000 processor.
It is the same with any Excel file when there are lines drawn in the spreadsheet. When data is entered in a data entry window and you hit OK the screen refreshes and the data is entered into the appropriate cell. There are a lot of lines on screen to refresh and it takes a half second delay for the refresh to occur.
I have a macro that asks me for data entry for 8 or 10 various cells automatically.
When the Intel HD 4000 processor is disabled this entry process (if I just hit enter for each item without entering data) takes about 1/2 a second.
With the HD 4000 enabled it takes about 5 seconds. You can see the active cell move to the one to be copied, then the screen refreshes, then it moves to the cell to receive the paste, then the screen refreshes etc. etc.
I have the latest driver Intel HD 4000 installed and the problem remains.
I know Office XP is technically incompatible with with Windows 8 but other than this glitch, and an occasional "this program may not have run properly" warning it seems to run just fine.
Any suggestions other than leaving the Intel HD 4000 processor disabled in Device Manager?
Did you say Excel XP? As in Excel 2002? This is very old man, I don't know why you'd want to install that on a brand new Windows 8 computer...
By the way, Microsoft will officially drop support for Office 2003 by April 1st 2014 which is in less than 1 year. Since Office XP (aka office 2002) is even older, it's not even supported anymore. I checked the Microsoft website and the end of life was July 12, 2011. That was almost 2 years ago. Sorry, your product is not supported anymore and probably not compatible with Windows 8 or it is at your own risks. No more security patches or performance update, so this is probably why you are experiencing problems.
Get a supported product like Office 2010 or Office 2013, that is the only advice I can give you.