So it really wasn't PHP but Apache right? In an hour you could have switched out your front end server to Nginx and had it serve responses from Memcached and then keep the Apache/PHP backend and change it to update Memcached on bid changes.
Here are some links:
http://www.igvita.com/2008/02/11/nginx-and-memcached-a-400-b...
http://lserinol.blogspot.com/2009/03/speeding-up-your-nginx-...