Found this useful plugin from this site while working on a site that was in the middle of getting dugg/reddited:
WP-Cache is an extremely efficient WordPress page caching system to make your site much faster and responsive. It works by caching Worpress pages and storing them in a static file for serving future requests directly from the file rather than loading and compiling the whole PHP code and then building the page from the database. WP-Cache allows to serve hundred of times more pages per second, and to reduce the response time from several tenths of seconds to less than a millisecond.