If your forum's traffic is anything like the traffic I've witnessed in managing vBulletin, you really shouldn't be invoking PHP or MySQL for 50-75% of the requests (i.e. more than half of the requests come from unauthenticated "lurkers").
Take a look at implementing a reverse proxy for unauthenticated users if you haven't done so already - unless you've made some serious modifications to vBulletin, unauthenticated users won't be seeing any dynamic content anyway.
Update: Related reading: How to set up Nginx as a caching reverse proxy?How to set up Nginx as a caching reverse proxy?