I think what Abbas Mirza means is that you should go to "msconfig" and try disabling svchost.exe from there so that it never loads at startup. This way, you aren't disabling it from inside Windows. Instead, you are not enabling it to begin with.

I'd like to make something clear though: svchost.exe is a native Windows process which really should be left on. Is it possible that a virus has attached itself to this file, and that is what is causing the huge cpu load? By nature the program eats a lot of cpu time, but not this much!