I heard there are ways to increase the speed of the Motorola Droid. If so, how can this process been done?
You will first need to root the phone then you need to overclock.
here are two ways to root Root Droid 1 - regardless of OS version or The One-Click Rooting Solution for Droid Thread!!! LATEST: V1.8rA and here is a thread about overclocking OverClocking 101