Well the info you provided is nice, but the rest of it is kinda needed to see exactly what is going on. Like type of server, server specs or server load averages.
I would also upgrade the PHP version, that one has security vulnerabilities in it. Also there have been some posts on vB.com that staff have said you need at least 5.3 for vBulletin 4.2.2 although it does not say that in the download area for the files.
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