[k0i308]

Hello all hope someone can help me asap with this, so i have mr.xrom mightyrom on my nice little touch 2 ( will be replacing with evo as soon as its out ) but anyways its been runing so slowwwwwwwwwwwwww, idk whats wrong but it will at points freeze to where i have to restart the phone and has major lag at times on texts ( lag as in takes forever to open the text messages when i click on it ) is there anyway i can wipe everything reset the phone and make it faster? idk what question to really ask but im just tryin to make it run smooth like it did when i bought it at first.. Help is Greatly appriciated.