importing MP3's are limited by two things
1) CD-drive speed.
2) Computer Processor.
For 1, you can do a test... import the file as an AIFF. Then convert the AIFF into an MP3. That should eliminate the CD bottleneck and you can see if you'll benefit from a faster CD-Rom
For 2, you can minimze other tasks while your computer is importing... but beyond that, you just have to get a faster computer.
arn