Proxy pass and TIME_WAIT states

Hi all
I am running nginx as a proxy server to apache, on 3 of my production
servers. In all servers there becomes thousands of connections that are
in state of “TIME_WAIT” . I know that, a tcp connection in TIME_WAIT
state can be reused, so, will kernel/nginx use them or are the
connections useless to kernel/nginx?

Sometimes kernel is saying “TCP: time wait bucket table overflow” ,
means there is so much connections in state TIME_WAIT that I cant handle
it. What is the effects of this? Will it reject new connections or begin
to use connections in TIME_WAIT state rather than making a new
connection?

Note: Apache’s keepalive is off