Looking at your attachment it seems to me that svchost.exe is NOT consuming that much CPU's...You are showing 5 instances of svchost.exe, exactly what I am showing on my computer right now, and the total CPU amount for all 5 is 18,060.. Not much really.
Your big users are the following;
2 instances of Internet Explorer; 55,868K and 64,000K
Yahoo Pager at 15,876 K
MSNMessenger at 13,516K
If you've ever taken a look at the Services section in control panel you might notice that there are a Lot of services required by Windows. If every single service ran under a single svchost.exe instance, a failure in one might bring down all of Windows… so they are separated out.
Those services are organized into logical groups, and then a single svchost.exe instance is created for each group. For instance, one svchost.exe instance runs the 3 services related to the firewall. Another svchost.exe instance might run all the services related to the user interface, and so on.
So as crunchie said:It is normal activity. Shut it/them down at your own risk.
I would try shutting down some of those others first.