Zeke - when creating a new message in Outlook the Spell Checker can be found under the Tools menu. If it's not there, I suspect that you do not have Microsoft Office installed. Or if Office is installed, something isn't right - the Office products and Outlook all share the same Spell Check module.
As for the speed - go to
www.dslreports.com , along the left side click on "Tests & Tools" then click on "Speed Tests". Follow the screens and see what it gives you for a Download Speed. Did you sign up for the basic 384K DSL or up to 1.5Mb DSL?
Unlike cable companies, the phone companies are regulated and have to guarantee a certain speed with DSL or they can't provide it. I'm not sure what the exact bottom line is (I think it is in the 244K download speed range) but if you are not getting at least that, then you need to call Verizon and see what's up.
All this is assuming that your machine is free of viruses and spyware which will hinder the performance of any machine.
Also, a faster machine and more memory will always help :-)