Of course. Speed building exercises like this help:

http://guitartricks.com/lesson.php?input=10334&s_id=287

But everything you do will help your speed. Your muscles get stronger, you get that muscle memory that lets you play without thinking, and know the neck like your own hand.

Playing correctly, even if it means slowly, is a great way to get faster. 60bpm today is 80 next week.

Also, playing each day is best. 30 minutes a day is better than 3 hours once a week. Good luck.