I have asked a few questions here and got some good replies. I am still facing some issues with ipconntrac and connections though firewall.
I am looking at some guidance and steps I should follow on ubuntu 10.10 64bit machine that will ensure the issues with ipconntrack and time_wait reduces and the server starts performing better and more reliabily.
Under /proc/sys/net/ipv4 there are files
tcp_fin_timeout:
tcp_keepalive_time:
tcp_max_orphans:
All quotes copied from here. See also this.