TIME_WAIT And Connection Timeouts

I've one main web server, the problem is that many people (now including myself) are often receiving "Connection timed out" messages in their web browser when trying to visit websites. This web server is a CentOS 5 machine and the HTTP server in use is Apache 2.2.

Of course, I've considered contacting server admin people who will look at this sort of thing on a one-off price or manage my servers at a periodic billing rate - but I'd much prefer to see what others have to say here first... hopefully learn some new stuff. It isn't a huge problem right now, but it can be annoying browsing the websites because a refresh would be required to connect again. I've learnt everything I know about Linux etc myself so far, through the likes of WebHostingTalk.. now is time for me to learn about TCP, HTTP, Apache and more if anybody has any ideas about this problem.

When running netstat, I'm seeing a rather large amount of TIME_WAIT's, I'm thinking this could have something todo with the connection time outs?

Here is my netstat output for TCP: [url]- notice all of the HTTP TIME_WAIT's for gangsternation.net? (also, a couple of other sites with less traffic)