This. Site. Is. Slow.
Seriously, I get to 90% page load after about six to eight seconds, and then wait another six to eight seconds for that last 10%. It's aggravating. General rule of thumb for web design is you have four seconds to get a page 80% loaded, or your reader will give up and go elsewhere.
But after I logged in to post this, it took 32 seconds to completely load this page. That is *forever* in page loading terms. Most of the problem is the smilies, because there are so many that are animated. I'd say pick 8-12 of the ones you think will see the most use, and leave the "more" link for the rest (especially the ones with complex animation).