Very Large number of connections in TIME_WAIT state; Server is slow, ipconntrac
Solution 1:
Try the following:
echo 1 > /proc/sys/net/ipv4/tcp_tw_recycle
echo 1 > /proc/sys/net/ipv4/tcp_tw_reuse
Probably it will help to reduce the number of TIME_WAIT connections.
You can also make these changes permanent in /etc/sysctl.conf:
net.ipv4.tcp_tw_reuse=1
net.ipv4.tcp_tw_recycle=1