This is probably the easiest, quickest thing you can do to speed up your site.
Open your main .htaccess file (ie the one in your public_html), and add this into it.
Code:
php_flag zlib.output_compression on
php_value zlib.output_compression_level 1
ErrorDocument 404 /404.php
AddOutputFilterByType DEFLATE text/css application/x-javascript
AddOutputFilterByType DEFLATE text/css application/x-javascripts
This compresses every file on your site (including that heavy javascript and CSS) by as much as 70% and makes it much faster to load.
Also thrown in there for free is the correct 404 code which is also missing from the default install.
This requires some common modules to be installed on your server, and some cheaper hosts will not have these installed as it increases the load on the server a little, meaning they cant cram as many sites onto the server. If you get a problem after installing it, theres nothing you can do but remove the code again.
HTH
Nb edited to add
AddOutputFilterByType DEFLATE text/css application/x-javascripts
As this is used by some common mods on this site, if you have no mods it wont harm to leave it there.