Sometimes these protection programs are not compatible so keep it simple and these following programs are easy to use and understand.
There are better programs than the following but they require a greater understanding & are more difficult to configure properly.
1) AVG, open it up and make sure that your resident shield & email scanning are both functional.
Keep it updated or set it to auto update.
2) Disable/remove Panda and only use it online for a quick up to date check from time to time.
3) Zone Alarm gets the nod, make sure the firewall is active. (I personally find it a little confusing but lots of people swear by it, so it's fine)
4) Download, update & install Winpatrol, it's very simple & easy to use. (Spybot S&D with the teatimer will only confuse you)
5) Download, install & update Adaware and do a manual scan from time to time.
At the end of this you should only have 3 additional programs running...
AVG, Winpatrol & Zone Alarm and they should not slow you down to any great degree.