Yes and no.
(We'll ignore the fact that technically there's no such thing as centrifugal force because it's a helpful illusion and that you mean speed increase - increasing the period slows the rotation)
Firstly the "centrifugal force" is given by mv�/r where m is the mass of the body v it's velocity and r the radius.
Gravitational force is given by GMm/r� where M and m are the two massesand G the Gravitational constant
put theses 2 together for weightlessness and you get
v = squareroot(GM/r)
Plugging in the numbers gives me a velocity of about 8Km/s to do this.
That means the Earth would rotate in about 5 seconds.
Now would everything fly off?
Well it's only things connected to the Earth that would be moving at that speed things that weren't nailed down would have a pretty rough ride!
No I'm not a geologist but I'd suspect the whole strocture of the Earth's crust would break up without enough gravity to hold it together
There are things in the univese that do rotate at this speed. Pulsars for example do rotate at anything up to 700 times a second!
http://www.newscientist.com/article/mg18925355 .300-superfast-pulsar-breaks-the-rules.html
But these are neutron stars and the whole atomic structure of them has broken down so much that only quantum mechanics stops them fom vanishing as a black hole.
They are so dense that a teaspoon of neutron star material weighs as much as a hundred million elephants