Connections in TimeWait state can generate a performance problem.
First, take a look at TCP State diagram,
https://en.wikipedia.org/wiki/File:Tcp_state_diagram_fixed_new.svg
This is a state of a TCP connection after a machine’s TCP has sent the ACK segment in response to a FIN segment received from its peer (details in RFC 793 defining TCP back in 1981 http://www.ietf.org/rfc/rfc793.txt). During this state the socket resources, including the TCB (TCP Control Block) and the port of course, are not released to the OS. After a timeout expires, socket resources are released to the OS. The original reason is to deal with the Two Generals problem that can happen between peers in an unreliable medium. The connection will be in TimeWait until a configurable timeout which has a default value that is dependent on the operating system.
These links can help you to set the TcpTimedWaitDelay parameter in Windows:
https://technet.microsoft.com/en-us/library/cc938217.aspx
http://msdn.microsoft.com/en-us/library/ee377084%28v=bts.10%29.aspx
It says the default value is 240 seconds but I'm my tests I experienced lower times (between 60 and 120).
Anyway, today networks are more reliable and web services requiring high performance and throughput should reduce this value. I would suggest set it just to 5 seconds. If you want to be more conservative, set it to 30 seconds.
Other parameter that could be useful for you is the max number of ephemeral ports Windows allows a client to open. Windows Server by default limits the maximum number of ephemeral TCP ports. In some Windows, this value could be 5000. You can change this behavior by setting the value MaxUserPort in the registry.