What is Slicehost using to serve it?
Fast options are things like: Mongrel, or apache's mod_rails (also called passenger phusion or
something like that)
These are dedicated servers (or plugins to servers) which run an instance of your rails app.
If your host isn't using that, then it's probably defaulting to CGI. Rails comes with a simple CGI script that will serve the page, but it reloads the app for every page.
(edit: I suspect that this is the most likely case, that your app is running off of the CGI in /webapp_directory/public/dispatch.cgi, which would explain the slowness. This tends to be a default deployment on many hosts, since it doesn't require extra configuration on their part, but it doesn't give good performance)
If your host supports "Fast CGI", rails supports that too. Fast CGI will open a CGI session, and keep it open for multiple pages, so you get much better performance, but it's not nearly as good as Mongrel or mod_rails.
Secondly, is it in 'production' or 'development' mode? The easy way to tell is to go to a page in your app that gives an error. If it shows you a stack trace, it's in development mode, which is slower than production mode. Mongrel and mod_rails have startup options to determine whether to run the app in production or development mode.
Finally, if your database is slow for whatever reason, that will be a big bottleneck as well. If you do have a good deployment (Mongrel/mod_rails/etc.) in production mode, try looking into that.