Hi,
My webserver has 16GB of RAM and CentOS 5.5, Apache 2.2.3, It's shared webserver used of for webhosting. I have optmized the server as :
<IfModule prefork.c>
StartServers 8
MinSpareServers 10
MaxSpareServers 20
ServerLimit 2150
MaxClients 2000
MaxRequestsPerChild 8000
</IfModule>

Timeout 90
MaxKeepAliveRequests 100

Server is not using Worker MPM, however just assign the following values.
<IfModule worker.c>
StartServers 8
MaxClients 2150
MinSpareThreads 25
MaxSpareThreads 75
ThreadsPerChild 25
MaxRequestsPerChild 8000
</IfModule>

More number of TIME_WAIT Connections on server still exists.

[root@server ~]# netstat -an|grep ":80"|awk '/tcp/ {print $6}'|sort -nr| uniq -c
1681 TIME_WAIT
2 SYN_RECV
4 LISTEN
3 LAST_ACK
7 FIN_WAIT1
6 ESTABLISHED
3 CLOSING

[root@server ~]# netstat -tan |grep :80|grep TIME_WAIT |wc -l
1776

Server Load Avg: 2.36, 2.45, 2.79

Please help me how to reduce the TIME_WAIT connections.

Thanks,
Jay

Now I have found the answer:
I have tweaked the apache as :

KeepAlive On
MaxKeepAliveRequests 100
KeepAliveTimeout 15
<IfModule prefork.c>
StartServers 8
MinSpareServers 10
MaxSpareServers 20
ServerLimit 2150
MaxClients 2000
MaxRequestsPerChild 8000
</IfModule>

Now the Apache connections states:
# netstat -an|grep ":80"|awk '/tcp/ {print $6}'|sort -nr| uniq -c
126 TIME_WAIT
4 SYN_RECV
4 LISTEN
8 LAST_ACK
90 FIN_WAIT2
2 FIN_WAIT1
111 ESTABLISHED

# netstat -tan |grep :80 |wc -l
215

# netstat -tan |grep :80 |grep TIME_WAIT |wc -l
66

Now websites are loading fast.

Thanks,
Jayachandran Palanisamy