You can also use the velocity envelope to its maximum and then CTRL+Drag the event's edge to speed it up even more. Using the combination of the two, you can speed up your clip up to 12 times normal.
Also, if you right click on the clip, you can change the playback speed directly, this goes along with what Jive said, just a different way of doing it.
I tried the scharky method (For the first time) and set it like at 1000% and the clip was blazing. Very cool. Yeah, I love how everyone always has a new method or solution.