I have personally finished optimizing my word-press blog just this week. I have a shared hosting plan with great staff so the steps I've taken may not apply to you. If you can, ask your server admins to raise your php memory_limit. You may be able to do this your self by adding the following code to your .htaccess file
php_value memory_limit 32M
32 megabytes is the bare minimum and you should probably aim for more. Wordpress is php based, and raising the php-limit will significantly improve the load time.
Another awesome way to improve load time is using a cache plug-in. If you aren't using one, do it now. I personally recommend the "W3 Total Cache Plugin" but that requires a lot of server resources.
To point out the obvious, you should, deactivate and delete all possible unnecessary plug-ins. Delete unused themes. Delete unused images. Optimize Tables for Wordpress MySQL database. Get the plug-in "Clean Tools" to delete table information left behind from previously removed plug-ins. Decrease the amount of post per page. Get rid of any java-script.
I have taken ALL of these steps and prob more that I forget to mention to make my blog faster. I went from about 1.9 to about 1 second page load time. My server is located in Germany and therefore takes even longer to load, so my site must be optimized to the max. The main things that could slow you down are plug-ins and not having a cache plug in.
You should do more research on your own how to optimize and clean your database and improve wordpress overall speed. I should also mention that load time an official Rank indicator for Google. Beware 
Last edited by mantasx; 04-13-2010 at 11:05 PM..
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