I’m experiencing essentially the samething. Dedicated server and apache causes the system CPU usage to sky-rocket.
Looking in the logs for the site, the servers IP is constantly reconnecting/refreshing the page.
xxx.xxx.xxx.xxx – – [28/Apr/2010:09:13:32 -0500] “GET / HTTP/1.0” 200 0 “-” “WordPress/2.9.2; http://www.website.com”
Get a constant lost of the above paste from the log files.