First of all, gun powder and modern smokless powders are not "explosives". Well...actually black powder (gun powder) is classified as a "low explosive" and smokeless powders are not classified as explosive at all.
From
http://www.newworldencyclopedia.org/entry/Gunpowder
Some definitions say that gunpowder is a "low explosive." This is correct for black powder, but incorrect for today's smokeless powders, which are not explosives. If smokeless powder is burned in the open air, it produces a fast burning smoky orange flame, but no explosion. It burns explosively only when tightly confined, such as in a gun barrel or a closed bomb.
The United States Interstate Commerce Commission (ICC) classifies smokeless powder as a
flammable solid. This allows shipping of smokeless powders by common carriers, such as UPS. In fact,
gasoline is a more dangerous substance than smokeless gunpowder when the powder is unconfined (as opposed to being confined in a gun charge or in a bomb).
Black powder, however, is a true low explosive, and burns at almost the same rate when unconfined as when confined. It can be ignited by a spark or static electricity, and must be handled with great caution. Thus it is considerably more dangerous than smokeless powder, and is classified by the ICC as a class-A explosive; consequently, shipping restrictions for black powder are stringent.
Because the burn rates of these powders are, relatively speaking, significantly lower than true explosives, there are limits to how fast they can push a bullet. You can increase the velocity of the gasses produced by changing the shape of the cartridge (and thus the firing chamber) to take advantage of Bernoulli's principle. This has to do with the change in pressure and velocity across a venturi...in this case, the venturi created by necking down a cartridge to a smaller diameter than the body of the cartridge.
These effects on bullet velocity are also subject to additional limitations based on barrel length, friction, bullet construction, and a few other things.
For example, using more powder will, in general, produce a higher velocity for a given barrel length...but only to a point. This is because the burn rate of the powder is (relatively) constant, which means if you use more powder you will have a longer powder burn period. If the burn period lasts longer than the time it takes the bullet to travel the length of the barrel (a function based on the maximum pressure generated by the burning powder), then the rest of the unburned powder at that point in time is simply venting from the barrel and no longer providing motive force to the bullet. In othervwords, your wasting powder which isn't being used to propel the bullet.
Now...let's say you do design a cartridge which will produce some pretty awesome velocities. The question becomes "will the bullet design hold up to this?" I was just reading about some wildcat cartridge designs for the .357 bullet. They were pushing velocities high enough that the bullets were unable to maintain their physical integrity in some cases.
This would be the case if you were to design a gun which were strong enough to contain the forces of true explosives. What you would get wouldn't be a bullet traveling at extreme velocities...it would be a short lived Lead plasma jet coming out of the muzzle. You'd have to redesign the bullet...but even so, it would have its own physical limitations.
Speaking of physical limitations...ever fired a large caliber magnum, either a handgun or a rifle? Let's say you've actually fired a 30-06 rifle with 180 grain factory loads. That's a respectable kick from the recoil. Now let's say you were somehow able to achieve the same velocities from a 180 grain 30-06 bullet in a handgun. I don't know about you, but that's not a gun I'd want to shoot.
Now, take that same 30-06 bullet out of a rifle at double it's standard factory velocity. Then triple...and quadruple...and ten times the factory velocity. Recoild would rapidly become unmanagable, to put it mildly.
So...how fast CAN a bullet be pushed?
Practically speaking, whatever the maximum velocities you see for a given bullet in a given gun is it, because you've reached the various combined physical limitations imposed by all these things I've listed...and more.