I\'m involved with a project using DotNetNuke version 05.01.04 Community Edition. We are building our new Intranet using it, but performance is terrible.
I think you need to start investigating this using performance profiling tools. For the DNN application itself I'd grab something like JetBrains DotTrace or Red Gate's ANTS Performance Profiler.
For the database SQL Server Profiler would be the first choice or a tool such as Red Gate's SQL Response.
Without profiling the application these you're going to be pulling at straws.
And as Tim pointed out in his comment, installing Firebug in Firefox with the YSlow add-in to see what resources are taking longest to serve to the browser.