I know this is not a complaint about a problem I am having. I was just wondering if anyone has ever heard or knows of a person be effected by a speed hacking like glitch effect. Basically really fast movements and faster shooting. If you have heard of it, please post a link to a solution. Thanks.

Happens with huge amounts of package loss.

What happens is:
client drops a buttload of packages
player model of said client freezes
client resends the packages
player model of client moves @ high speed till he reaches his "should be" stage

However this behaviour can be forced or used as an excuse to cover up an actual speedhack.
Warn once, and temp ban the second tiem for bad connectivity.

I was thinking about this today. Is this how the speed hack works? It prevents the client from sending packets then sends them all at once, while the player model doesn't actually freeze.

Nha, generic gldscr speedhacks basically work like this:

Client: Hey server, I am actually over there and I can prove it, cause I send you a package, telling you to send all over clients to play the footsteps.wave in that particular location.
Server: Hmm, that sounds convenient, I better should make you go really fast.

Its an exploit on the way the engine handles the playing of sound files.

Just to point out the difference:
A speedhack will increase your average speed, when being used. (You can outrun someone with the same player speed.)
A speed-burst due to package loss and then packages being resent will freeze you and then unfreeze you, executing all commands that were resent. So although you are "faster" for a short period of time your average speed does not increase.

So would the "speed" happen real-time to you or would it all happen on its own until you hit that point you're supposed to be at?