Well, that much is obvious.
One thought: are you running with vsync on or off (I can't remember if the game has an option for it)? If it's off and there's no frame limiter, that would explain why it's hammering your GPU. Failing that, he might be writing out textures way more often than he really has to.
O2Jam is pretty badly coded (not to mention just being badly designed in general) but, to be fair, most of the problems with it on Windows 8 are Microsoft-related. In a nutshell, DirectDraw doesn't get along with Aero, and when Microsoft saw fit to make Aero mandatory for Windows 8 it broke a ton of games because of how shitty their DDraw emulation is. The only reason they worked so well in Vista and 7 is because they turn Aero off when you run a DDraw application fullscreen. Windows 8 never turns it off, ever.
Fortunately, several people have developed DirectDraw wrappers, including the Wine team (Wine's ddraw.dll is essentially a DirectDraw to OpenGL wrapper).
This build of the Wine ddraw.dll works well for O2Jam (don't run the setup or anything, just drill down into \ddrawfix\wined3d in the ZIP and extract those DLLs into the O2Jam directory). It brought my framerate up from about 4-5fps to a smooth 60.