Horrible Performance, How to Fix??

I am running a Windows Server 2003 Enterprise Edition server with just one .NET custom web application.  It is a SharePoint based application.  I am getting some horrible response times (in the range of 20+ seconds for a page to load).  When 1 user is accessing the site over 40% of the CPU is being used, sometimes upwards of 90%.

Any thoughts on how to improve the performance of the server?  Programs vs System Cache?  Virtual memory space?  Paging?  etc...

Thanks
MARefreshAsked:
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TheCleanerCommented:
What are the hardware specs of the server?  What is the size and complexity of the Sharepoint app?  If you access the default sharepoint site without referencing the custom app does it respond the same way or is it immediate?
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MARefreshAuthor Commented:
Hardware specs:
Dual Pentium 3.06GHz processors
2.0GB RAM
2 80GB HD
Rackmounted Compaq Server

The default sharepoint does seem much faster (as expected).  I am just looking for some performance tips for Wiindows Server 2003, SQL Server, etc...  Any good sites out there?  MSDN articles??

Thanks again.
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