expedite - when I loaded up iTunes I was asked both my preferred settings for ripping and burning. I specified a high rip quality and only 2x burn speed to get top quality CD's (I find my burner can overheat and distort slightly at max speed). It maybe that you have selected a high setting for your storage so it takes longer to rip. Also you can set for the program to auto update and do several other things on opening, maybe disabling these may quicken the rip. To see your settings go to "edit" top left and view "preferences". Browse through and stop everything you don't need.
For those who think that i-Tunes is all you can use, I use RealPlayer v10 with plenty of ease, and as all my music is stored in .ra format have no other choice unless I reload it all back in. RealPlayer converts the format for the i-Pod and takes about 10 seconds to transfer a whole album.