Well, the speed of the database server won't necessarily be boosted if the queries issued are poor (i.e. using lots of JOIN statements for example). However, increasing memory will make it so the system won't thrash when those kind of queries are made.
If the data will be changing every 10 seconds - MySQL might not be the best choice for your database backend (this would mean INSERT and UPDATE statements are being issued frequently, and MySQL wasn't design to be good with those - just SELECT statements). I would advise switching to a more robust database server if you will be dealing with that issue (or MySQL 4.0.3, which has better support for this).
Is this a fresh install, or your not the administrator? You should have root access (or you won't be able to restart the daemon anyway). If it is a fresh install, access is granted like:
mysql -u root
There is no default password in the default install.
I would begin with a 128/256 megabyte cache. If this is the only application that will running on your system, I would also make your PHP scripts use persistent caching and reduce the number of Apache processes to a reasonable level so that it doesn't consume the server.