Thanks to the guys at Alldroid, the Motorola Droid just got its processor overlocked and can now run at speeds as high as 1.1GHz. The ARM Cortex A8 Processor in the Droid typically runs at 550MHz so that's exactly double the frequency. To be honest, the guys who did the overclocking actually said 800GHz is actually the ideal usable speed. But either way, it's making an already fast and speedy Droid even faster and speedier. No mention to how it deals with heat or battery life, though.
Make no mistake, the ARM Cortex A8 Processor in the Droid is a very capable chip even at 550MHz. But with the 1GHz Snapdragon Processor powering the superspeedy Nexus One, we can definitely why people want to go even faster. You can learn how to overclock your Droid here. As with any of these crazy things, you have to be rooted.