Well, I guess in a fantasy world it happens.
What CheatEngine does is modifies a running program's memory area. “Speed hacks” in it are designed to increase the speed of the program, not the internet, usually by removing NOP cycles and such, or by accelerating timers. It cannot accelerate internet because its speed is regulated by the ISP.
Although, sure. CheatEngine might actually help the torrent client miscalculate speeds. Here's what happens.
The client downloads 50KB per second. CheatEngine comes in and patches the client's memory so it thinks that it wasn't 1 second, but rather, 100 milliseconds. And voila! The counter shows 500KB/sec! While downloading at the same 50KB/sec.
This must sure help a lot.
P.S. I'm a Cisco certified network engineer/administrator, and what you're talking about is impossible to achieve by using memory hacks. Period.