Under the advanced tab there is a setting to disable water, I have it off.
Note* Alot of the setting require you to turn them off after every log in. Also here is a thread i used to help spead things up a tad.
http://forums.ageofconan.com/showthread.php?t=13390
But regardless I understand what your saying cause if mine was any worse I wouldnt be able to play either.