I think you are running IV on 2 of your 4 cores.
Here`s what you do.
Go to control panel and turn off UAC. That is done by going to the control panel, clicking User accounts and there should be an admin only option "Change user account control settings", set the slider to it`s lowest position.
Then right click on the GTAIV.exe in the task manager when running it and go for "Set affinity...".
When there mark all cores and voila, lag free gaming :P
This helped someone else who had a perfect gaming PC but lagging, quad cores sometimes do that :P