Apparantly this dude actually won the official Guiness title as fastest guitarist in the world 2008. He plays Flight of the Bumblebee starting at a respectable 180bpm then replays it a few times untill he is gets up to a blistering 320bpm. It sounds ridiculous (no longer music) but the speed and accuracy is incredible.
http://www.metacafe.com/watch/1495641/world_record_guitar_speed_2008/

No matter what anyone says, there is a significant difference in speed between this guy and Rusty Cooley and Michael Angelo. The only other guitarist I've seen close to 300bm was the late Shawn Lane, but he was also playing something a hell of a lot more challenging. Interesting though!