Speed dating is where you have 20 guys and 20 women and you spend 5 minutes with each one asking stupid generic questions, then a timer goes off and you move to the next. At the end of the night you indicate who you might want to see again based on that five minutes and if you match they hook you up.
Apparently you can find women that are desperate enough that if you can make them laugh and look good you suggest a drink after the event and then take them home that night. A friend of mine used to run those events and it was desperate hook up central. Good luck finding any hotties though.