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Without an exahustive look at your code... My suggestion is to look at
using async sockets. They are a little more difficult to code for, but
are much more efficient...

Here is a good place to start for .NET sockets:
http://msdn.microsoft.com/library/default.asp?url=/library/en-us/cpguide/html/cpconsockets.asp

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http://boycot.no-ip.com/vb/clsListener.htm

I've been struggling with coding Sockets in VB (not as easy as it would seem
coming over from VB6). Anyhow, finally got something working and looking
for any suggestions on how to make it better.

Thanks.