it’s impossible for anyone here to give you any sort of difinative answer because we can’t see what’s acually happening on your server. The usage could be anything from a dodgy plugin, to a DOS attack (has happened to me more than once) or a CRON job that’s set up and not being handled correctly. Without access to the server there’s just no way to tell.
@ ronitko: I agree with catacaustic. There are simply too many things that could trigger this, including bad queries (as in, not closed/reset queries).
There is also the issue of what you updated/changed recently (other than actual content). Did you install a plugin? Change your theme? Customised any of your theme code? Updated a plugin or theme?
You should also figure out what your current memory allocation is. I believe godaddy has a default memory of 64MB. If that’s what you’re running on, even a theme installation and activation could go above that. See if you can temporarily get a 256MB memory. See how your site is running. If it’s still slow or returning errors, in the little time it’s up, try disabling your plugins one by one. If none of the plugins are the cause, try switching to the default theme.
You can put your site under a “Coming soon” screen while you do this. The Seedprod Coming Soon plugin is good for that and there are a few other similar plugins out there.
If the problems persist, with plugins deactivate and switched theme…. well, then, I think that would be a hosting problem or a cron job that’s not being removed/deactivated on plugin deactivation.