Even if you were using a database (such as mysql) it wouldnt increase the speed of sending your mailings. If you are using the mail() function then it could take awhile, since the mail() is a bit slow (like 1 email every half a second almost.)
Instead of looping through each email address and using mail() for each one, you could create a string with all the email adresses. Like (as in php documentation):
$recipient .= "Mary <mary@u.college.edu>" . ", " ; //note the comma
$recipient .= "Kelly <kelly@u.college.edu>" . ", ";
$recipient .= "ronabop@php.net";
Then you can now use $recipients in your mail() function. I'm guessing it would increase the speed of the mailing since we are only calling mail() once.
Derek.