Reduce the TIME_WAIT by setting the tcp_fin_timeout kernel value on /proc/sys/net/ipv4/tcp_fin_timeout, using the command echo 30 > /proc/sys/net/ipv4/tcp_fin_timeout to set it to 30 seconds.
Increase the range of ephemeral ports by setting ip_local_port_range kernel value on /proc/sys/net/ipv4/ip_local_port_range, using the command echo "32768 65535" > /proc/sys/net/ipv4/ip_local_port_range, this will set the port range from 32768 to 65535.
The kernel value parameters aren't saved with these commands, and are reset to the default values on system reboot, thus make sure to place the commands on a system startup script such as /etc/rc.local.
Cheers, Udin 