Help with slow running query

The following query takes approx. 3-5+ minutes
to complete. I would like to get this down to around
2-3 seconds. Other RDBMS complete it in <1 second.

I am running 8.0.1 on XP P4 2.6 1GB for dev work.

select i.internalid, c.code
from local.internal i
inner join country.ip c on
(i.ip between c.startip and c.endip)

Nested Loop (cost=167.59..7135187.85 rows=31701997
width=10) (actual
time=63.000..776094.000 rows=5235 loops=1)
Join Filter: ((inner.ip >= outer.startip) AND
(inner.ip <=
outer.endip))
-> Seq Scan on ip c (cost=0.00..2071.02 rows=54502
width=28)
(actual time=0.000..313.000 rows=54502 loops=1)
-> Materialize (cost=167.59..219.94 rows=5235
width=15) (actual
time=0.000..2.973 rows=5235 loops=54502)
-> Seq Scan on internal i (cost=0.00..162.35
rows=5235
width=15) (actual time=0.000..16.000 rows=5235
loops=1)
Total runtime: 776110.000 ms

-- data from ip-to-country.webhosting.info
CREATE TABLE country.ip -- 54,502 rows
(
startip inet NOT NULL,
endip inet NOT NULL,
code char(2) NOT NULL,
CONSTRAINT ip_pkey PRIMARY KEY (startip, endip)
);
-- 1, 192.168.1.10, 192.168.2.100, US
-- 2, 192.168.3.0, 192.168.3.118, US

CREATE TABLE local.internal -- 5000+ rows
(
internalid serial NOT NULL,
ip inet NOT NULL,
port int2 NOT NULL,
CONSTRAINT internal_pkey PRIMARY KEY (internalid)
);
CREATE INDEX ip_idx ON local.internal (ip);
-- 1, 10.0.0.100, 80
-- 2, 10.0.0.102, 80
-- 3, 10.0.0.103, 443

--
postgresql.conf
have tried many settings with no improvement
max_connections = 50
shared_buffers = 30000
work_mem = 2048
sort_mem = 2048

Have tried many different indexes with no help:
CREATE INDEX endip_idx ON country.ip;
CREATE INDEX startip_idx ON country.ip;
CREATE UNIQUE INDEX e_s_idx ON country.ip
(endip, startip);

Any suggestions would be greatly appreciated.

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