Hi Ali,
~ Track the message with message tracking and make sure that delay is not happening after email reaches to Exchange environment.
Exchange 2003 Message Tracking and Logging
~ Make sure that unnecessary smart host is NOT configured on SMTP VS.
Configuring a Smart Host on a SMTP Virtual Server
~ Also try with disabling third-party products (like anti-spam, anti-virus etc...) and check the result.
~ Make sure that you have reliable connection on port 25 over the internet.
Amit Tank | MVP - Exchange | MCITP:EMA MCSA:M | http://ExchangeShare.WordPress.com