the load figure is a measure of how many processes are waiting to make use of the CPU, not how hard the CPU is working. A common reason for high load figures with nothing obvious going on is IO. Most often, harddrive IO. If one process is doing lots of small writes, things will start piling up quickly.
iowait is the IO equivalent of "top". You should be able to find out fairly quickly if IO wait is the cause of your high load figures.