99% performance wa, slow server.

There is a big problem with the server (VPS based on OpenVZ, CentOS 5, 3GB RAM). The problem is the following. The first 15-20 minutes after starting the server is operating normally, the load average is less than or about 1.0, but then begins to increase sharply% wa, then hovers around 95-99%. Load increases to 85-99 and even the server via ssh is not able to respond quickly to anything. Tell me how you can discover what could be the problem. Thank you.

Which applications do run on your system ?
What are the top CPU consumming processes ?
same question with memory ?
Monitor the swap usage as well.
Please provide more clues

The problem is solved. This was a crash of files system. Thank for you