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I found a great essay on learning to play guitar fast. Of course everybody says speed is not the point to guitar playing but we all like to show off!

“Before we dive into the realm of developing speed, let’s dispel a few misconceptions about it. Firstly, speed in and of itself is irrelevant. However, speed used within the context of a good piece of music and with taste is a good thing. The second misconception of speed is one I covered in the article The Art of Practice. Most people believe that in order to play fast you must practice fast. While you will eventually need to practice fast in order to play fast you need to develop some basic techniques in order to get the tools in order to start working up to your goal. It’s these techniques that need to be developed SLOWLY.
You need to be able to think while you play. Aaron Shearer, a famous classical guitar pedagogue was an advocate of “aim directed movement”, which is having a clear understanding of where the fingers need to go before you move them there. Aim directed movement can only be accomplished by slow practice.
The key to fast scales? The key is not only to practice flexing the finger (what the finger actually does to pluck the string) but practice extending the finger as well. From the time we were born our hands have grabbed things, and we have held on to them tight, thus, developing the flexors. It is our lack of strength in the extensors that need the catching up. One of the best ways to develop this is to practice Rasgueados ( Raas-Gee-ah-doe).
The rest of the article is at Guitar Noise and it’s called How can I learn to play really fast? By Logan L. Gabriel

Original post by Ricky