There are several things you can consider.
You can rewrite your code to cache complete page images in the file system. If the cached page image exists, serve it, else create it, cache it, and serve it.
A variation of that is to write a 404 handler that examines the URL for clues as to how to build a page, then builds it and caches it. In that scenario, you would be serving HTML and not PHP. I posted an example of that some months ago.
You can apply either of these approaches to cache components that have been retrieved from the database, rather than complete pages.
And you can look at two tools that cache, in memory, compiled images of PHP scripts: Zend Cache (commercial) at http://www.zend.com/ and Alternative PHP Cache (free) at http://apc.communityconnect.com/.