From the registry go to:
HKEY_CURRENT_USER\Control Panel\Mouse
Adjust the key: MouseSensitivity
Value range set via GUI is: 1 to 20
You can try setting the value above 20 (the highest speed set via the GUI interface).
I've tried changing the values in the registry, however since the driver doesn't know to reload the values I'm not sure how to trigger the change to take effect.
Since you mentioned API call, here is some deeper discussions in to the mouclass.sys (Microsoft HID-compliant mouse class system file):
http://www.eggheadcafe.com/forumarchives/win32programmerkernel/Nov2005/post24565529.asp