In the iTunes preferences, under the General tab, are you set to simply Show Songs upon inserting a CD or does it start importing straight away (that'll be a bit slower).
Also, under the Importing tab, is Use Error Correction When Reading Audio CDs ticked because once again, this'll slow things down.
If you go for the reinstalling iTunes option (not recommended), make sure you delete the preferences because otherwise it's unnecessary. In fact, simply deleting the iTunes preferences is effectively reinstalling the app on OSX (to an extent).