Where is the timeout occurring? Is it at lines when ASP is connecting/executing sql? If so your problem is either with the connection to the db server or at the db itself. Load up SQL profiler in MSSQL to see how long the queries take. Perhaps it is due to locks in the database.
Do you use transactions? If so make sure they do not lock your database for a long time. Make sure you use transactions in ADO and not on the entire ASP page. You can also ignore lock in SQL Selects by using WITH (NOLOCK) hint on tables.
Make sure you database is optimized with indexes.
Also make sure you are conencted to the DB for as shortest time as possible i.e (example not working code): conn.open; set rs = conn.execute(); rs.close; conn.close. So store recordsets in a variable instead of looping through while holding the connection to the DB open. A good way is to use GetRows() function in ADO.
Always explicitly close and set ADO objects to nothing. This can cause the connection to the DB to remain open.
Enable connection pooling.
Load ADO constants in global.asa if you are using them
Do not store any objects in session or application scopes.
Upgrade to latest versions of ADO, MDac, SQL Server service packs etc.
Are you sure the server can handle the load? Maybe upgrade it? Is it on shared hosting? Maybe your app is not the problem.
It is quite simple to measure a script performance by timing it from the 1 line to the last line. This way you can identify slow running pages.