Oh yeah, you could go way faster. You could use some race cart wheels that are better for going faster. Also if you wanter to quicker I would have 4 wheels instead of 3, cause on mine I can turn around at about a quarter throttle and pull the inside wheel off the ground.
So if you want to go faster you're gonna need more watts. So like 1000 to 1200 watts at 36 volts. What kind of run time do you want on this? Mine is 7 amp hours and my friend drove it pretty wildly for about a mile and a half.
You could go with a treadmill motor which are like 1400-1800 watts, but you need anywhere from 90 to 130 volts.
This is how I suggest you do it:
Get one of these:
http://www.monsterscooterparts.com/36-volt-1000-watt-motor-controller-throttle-kit-standard.html
You could even get two and run twin motors for something really unique.
Then get one of these:
http://www.monsterscooterparts.com/schwinn-mongoose-gt-izip-ezip-36-volt-battery-pack.html
again you get two and hook them up in parallel for more run time.
(Option two): You could design your own battery pack here:
http://www.robotmarketplace.com/products/battery_build_main.html
They are much more expensive but they are much lighter. You would probably also want two because they don't run as long. (Only 10amp hour max per pack)
Charger for battery option one:
http://www.monsterscooterparts.com/36v1xlrbach.html
Chargers for battery option two:
http://www.robotmarketplace.com/products/battery_chargers_nicad_nimh.html
Axle bearings:
http://www.bmikarts.com/item/1-Bearing-Kit-3-hole-400400-711
(great website for misc. parts)
Heres your axle (1" doesn't need to be longer than 32" inches really) :
http://www.bmikarts.com/item/Solid-Aluminum-Axle-6008-or-6018-845
Wheel hubs:
http://www.bmikarts.com/item/Lightened-Aluminum-Rear-Wheel-Hub---1-&-1-1-4-600225-or-600230-2
(Someone else on this site can appoint you to some good tires and rims and where to get them, not exactly my expertise.)
Heres some brakes:
http://www.bmikarts.com/item/1-or-1-1-4-Hydraulic-Brake-Kit---Red-600505R-or-600510R-5781
(This kit comes with a master cylinder for a pedal style set up, don't know what you want. You could adapt this for a paddle style for an upright steering wheel instead of handle bars.
Don't know what kind of gearing you want? The cruisincoolers are geared for torque, but you could set it for more speed and still have plenty of torque. I was thinking something like 5 to 1? 7 to 1 maybe? Motor comes with an 11 tooth sprocket (8mm). You don't what much heavier chain than that because if you make it too big it'll start robbing power from your motor. There are several choices here:
http://www.electricscooterparts.com/sprockets.html#8mm
You would also have to find a suitable Hub for it.
[All of these components are compatible with a 1" axle.]
Moving on,
On my cart I have some straps that keep my cooler along for the ride. I decided I wanted a deck instead of trying to put the guts inside the cooler, mainly because I didn't want to cut up my cooler. I also knew that if I did that the cooler would no longer be water tight and the functionality of it would be lost. I can also move the cooler without having to move the entire machine. You can also put something else on it like a beer crate of case of soda or something to sit on, it's just kinda cool, idk ha ha.
Frame:
I made my simple ladder frame out of some 3/4" square tubing I think it was. It has a plywood deck thats bolted underneath that the cooler sits on.
Turning:
Like I said, I cut off the triple trees from a $10 pocket bike that I got at the flea market. But for going any faster you should probably have four wheels. I hope that you are familiar with the Ackerman affect, and scrub radii, if not, brush up on steering principles here:
http://www.rctek.com/technical/handling/index.php
Once you have come up with a front steering design we can help you find the correct parts you'll need.
I hope this helps a little, I didn't proof read it or anything so I'll take questions ha ha. Feel free to make changes or whatever, this was just to start you off with some ideas. Hope this helps.