Using Process explorer, I was able to find a few interesting things.
1. Using the "Lower pane" button I was able to see that a file by the name of:
Would open just before the CPU spike and it would close just before the CPU went back down. I'm not sure what that file is exactly but maybe it's something?
2. I used the "debug" option on the svchost in question. I'm not really sure what it did, if anything, but it's done.
3. Through the services tab I noticed that this version of svchost runs the Windows automatic update utility, which I had turned on. I turned it off but I'm not sure if it helped yet, seeing as it was intermittent before.
Thanks for all the response and any more insight would be greatly appreciated!