The word "denormalizing" leads to confusion of the design issues. Trying to get a high performance database by denormalizing is like trying to get to your destination by driving away from New York. It doesn't tell you which way to go.
What you need is a good design discipline, one that produces a simple and sound design, even if that design sometimes conflicts with the rules of normalization.
One such design discipline is star schema. In a star schema, a single fact table serves as the hub of a star of tables. The other tables are called dimension tables, and they are at the rim of the schema. The dimensions are connected to the fact table by relationships that look like the spokes of a wheel. Star schema is basically a way of projecting multidimensional design onto an SQL implementation.
Closely related to star schema is snowflake schema, which is a little more complicated.
If you have a good star schema, you will be able to get a huge variety of combinations of your data with no more than a three way join, involving two dimensions and one fact table. Not only that, but many OLAP tools will be able to decipher your star design automatically, and give you point-and-click, drill down, and graphical analysis access to your data with no further programming.
Star schema design occasionally violates second and third normal forms, but it results in more speed and fleixibility for reports and extracts. It's most often used in data warehouses, data marts, and reporting databases. You'll generally have much better results from star schema or some other retrieval oriented design, than from just haphazard "denormalization".