Thanks a lot for your valuable comment. Since its happening may be in 2-3 weeks , its not something , i iwll change value and will give me some positive results.
I investigated when the socket timeout happened and nothing substantial is there in the logs/event viewer.The server is a web server with IIS 6.0.
Also since this software was deployed by ex-admin, how can i check, what is it monitoring. Like what kind of service and socket timeout is related to which service.