Open Port Timeout

Open port timeout
Hi,
we have an application that opens large number of ports. Most of the open ports status is Time_Wait. I understand that Time_Wait means that the port is wating for 120 sec to drop. with very larg number of open ports or waiting to time out, the system is experaincing low resources. My question is does the port required fix time to drop? Is it possible to change this time to something smaller say 50 sec and How? is this application issues and/or windows issue?