B727 FLT CREW EXPERIENCED CONFLICT AT 2300 FT WITH TFC ON PARALLEL RWY WHILE LNDG AT MEM; TN.

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OUR ACFT (#1) WAS BEING VECTORED TO MEMPHIS APCH CTL FOR AN APCH TO RWY 18R AT MEM. WE WERE DSNDING THROUGH 3500 FT MSL FOR 2000 FT MSL ON ATC ASSIGNED HDG OF 080 DEGS; POS WAS APPROX 8 MI NW OF MEM; RWY 18R. APCH THEN ADVISED US OF AN ACFT (WE BELIEVED TO BE A COMPANY A300; ACFT #2) TURNING 8 MI VISUAL FINAL FOR RWY 18L. WE ADVISED ATC THAT WE SAW THE ACFT AND WERE THEN VECTORED TO A HDG OF 120 DEGS. AS THIS WAS A MODIFIED DOGLEG TO FINAL; I SLOWED THE ACFT TO 220 KTS IN ANTICIPATION OF AN APCH CLRNC. AT THIS TIME; ATC HAD NOT TOLD US TO INTERCEPT THE LOC FOR RWY 18R; HAD NOT CLRED US FOR A VISUAL APCH FOR RWY 18R; NOR HAD THEY TOLD US TO KEEP VISUAL SEPARATION FROM THE A300. THE CAPT QUERIED THE APCH CTLR ABOUT OUR APCH CLRNC AS WE BEGAN TO CROSS THE LOC FINAL FOR RWY 18R. THE APCH CTLR TOLD US TO 'TURN TO HDG 165 DEGS TO INTERCEPT THE LOC;' BY WHICH TIME WE WERE E OF THE RWY 18R LOC; HAVING OVERSHOT IT. I DISCONNECTED THE AUTOPLT AND IMMEDIATELY TURNED TO THE R TO REGAIN THE RWY 18R LOC. AS I BEGAN THE MANEUVER; WE HEARD SEVERAL 'TFC;' CALLOUTS FROM THE TCASII. WE WERE NOW ON THE RWY 18L EXTENDED FINAL AS WE BEGAN THE CORRECTION AND THE AIRBUS WAS APPROX 1 MI IN FRONT OF US AND ABOUT 400 FT BELOW US -- VISUALLY CONFIRMED AND CONFIRMED WITH TCASII. WE CORRECTED BACK TO THE RWY 18R FINAL WITH SEVERAL MORE TCASII TA'S BEFORE LNDG UNEVENTFULLY ON RWY 18R. THIS CHAIN OF EVENTS IS OFTEN REPEATED AT MEMPHIS DURING THE HRS OF XA30 TO XC30. THERE ARE MANY ACFT TRYING TO SQUEEZE INTO THE ARR SLOTS. 1 ATC CTLR MISSED ISSUING A CLRNC AND THEN YOU HAVE 2 ACFT TRYING TO OCCUPY THE SAME SPACE AT THE SAME TIME. WE PROBABLY CONTRIBUTED BY OUR HIGH AIRSPD ON DOGLEG. HOWEVER; MEMPHIS APCH FREQUENTLY TELLS ACFT APCHING FINAL TO 'KEEP SPD UP' SO THAT WOULD ALLOW MORE ACFT INTO THE ARR FLOW.