Corporate theme and WPMU SLOWWWW!

As I am working on my site( that something is painfully wrong. It has become stressful just editing the admin. I only have a handful of plugins installed and they are plugins used that were only provided by you and your site. i know its not my internet connection. I cant imagine someone wanted to joining and watching the wheel spin all day long trying to load. So I have a few questions.

What is going on?
I'm running 2.9.2 version of WordPress MU. But it was slow yesterday with the previous version.
My hosting account is through PSEK. They assured me that I have plenty of Ram. As I did sign up for there highest WPMU plan.
What Steps can I take to speed everything up?
Is it normal to come straight out of the box and running at a turtles pace?
Can hire someone to make my site lightening fast?
I barely have any information on my site and it is all optimized for the web. When I tested my site using YSLOW here are my grades.

Grade F on Make fewer HTTP requests

This page has 21 external Javascript scripts. Try combining them into one.
This page has 26 external stylesheets. Try combining them into one.
This page has 27 external background images. Try combining them with CSS sprites.

Decreasing the number of components on a page reduces the number of HTTP requests required to render the page, resulting in faster page loads. Some ways to reduce the number of components include: combine files, combine multiple scripts into one script, combine multiple CSS files into one style sheet, and use CSS Sprites and image maps.

Is this a common problem using a child theme?
Man I need some help here. Thanks, Daniel

Thank you,