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8 million hits monthly,.,.,nicely done ;)
That matter stays difficult. I think you should monitor the server and website to get more information about the problem at hand.
Try to collect:
Traffic at hours - visitors - hits - cpu usage -
Maybe it only peaks at times, but you'll get a more detailed overview.
Second,.do you use Zend optimiser for your php, if not, you have to recompile apache incl the optimizer flag (if I can remember correctly). If you not use to compile in Linux systems, than DON'T!!!!
Third, have a look at your php.ini file, maybe the server only uses the 8MB limit for php programs.
Four, look at your apache.conf file, have a look howmany child processes may run at once.
Some small tips I know,.but you'll have to start somewhere.