There's several things that can be done but it all depends on what you are doing. Please provide more detailed information about your site, hardware, software, etc.
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As mentioned above lighttpd is a good option. I am partial towards litespeed because you dont have to recreate your apache config if your converting from apache, but thats a paid software. works well though.
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Although this only shows ruby and not static content and mpm worker and not mpm event. I'll create some benchmarks to prove this sometime. Memory usage would only be higher depending on how many modules you load.