Extremely busy page – make static?

I’m in a shared hosting environment using WordPress 2.0.5 and Tiga theme with wp-cache enabled.

My challenge is that 90% of my traffic is all going to one page, which is about 1000 hits an hour all day long and it seems to be overwhelming my implementation, very slow loading, causing folks to terminate sessions early, and messing up the cached pages, internal service errors, etc. Losing a lot of traffic. I got the hosting company to move me to a lightly used server, I’ve tested the plugins, and gone through basic php cleanup everywhere. Perhaps I can do more fine-tuning, but that isn’t the basic problem.

I’m wondering if there is a way to take the load off the database by turning that one page into a static page, or some other solution for that page that could help the performance of the rest of the blog.

The homepage is:
http://www.rightpundits.com/

and the busy page is:
http://www.rightpundits.com/?p=314

My technical skill level is “mediocre”.