Yup. Speed-hacking works exactly that way. It changes rate of ur computer clock to send packets more often. As a side effect all time measurements become incorrect (e.g., 11 seconds instead of 10). Unfortunatelly, this doesn't change REAL hashrate, only reported one.
Sounds like the classic uTorrent boosting with CheatEngine..
Make the time go slow so the calculations are messed up and you'll reach 100mb/s with 1mbps connection.