Table Sizes

I am wondering which is most effective.

Setting up a table with smaller pieces and
writing the software to search smaller tables,
OR
setting up one big table with all of the related
data inside of it?

I have a mysql database I am working with
that has 32 million records in it. I am wondering
if I would be better off to somehow break that
data into much smaller pieces so that there are
fewer rows, or whether it is just as effective to
keep everything in one table.

Maybe I should break it down alphabetically
or something.

The reason for my concern about this is when
I access the database through phpMyadmin, every
request takes  long time to load up. Even minor
changes seem to be a real pain in the you know
what.

Speed within the site is of vast importance to me.

Thanks for your advice.

Bill


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