TIME_WAIT is a TCP state used to ensure that the connection is fully closed. Because the last packet that says "I'm done!" might possibly get dropped, TCP connections wait around for a period of time in case the other end tries to resend something before actually switching to the
What it looks like is your server is rapidly opening and closing connections to
220.127.116.11's web server, faster than the delay for
TIME_WAIT allows the server to close the connections and dump the sockets. Depending on the resources available to your server, this could exhaust the available sockets or memory and cause performance issues. If you're not seeing any performance problems, I'd simply keep an eye on it; the connections should expire in a few minutes. If it persists, consider investigating the source application its configuration. You can use
netstat to display which process/PID owns the socket (
netstat -p on my linux box, might not be the same on Windows2008).
Edit: Further investigation suggests that this is related to "Telligent Community" Is that an application you have installed on your system?