Is there a faster way than wp_insert_post to add content to a blog

You can access the database with an INSERT statement and add multiple rows at once.

Something like this pseudo-code:

INSERT INTO $wpdb->posts (
`post_author`, 
`post_date`, 
`post_date_gmt`, 
`post_content`, 
`post_title`, 
`post_status`, 
`post_name`, 
`post_modified`, 
`guid`, 
`post_type`, 
`post_mime_type`
) 
VALUES
    ( $user_id, $current_date,$current_date_gmt, $content1 ),
    ( $user_id, $current_date,$current_date_gmt, $content2 ),
    ( $user_id, $current_date,$current_date_gmt, $content3 )
;

Make sure to fill all the values that are set to NOT NULL and have no default value in the post table schema.
From wp-admin/includes/schema.php:

CREATE TABLE $wpdb->posts (
  ID bigint(20) unsigned NOT NULL auto_increment,
  post_author bigint(20) unsigned NOT NULL default '0',
  post_date datetime NOT NULL default '0000-00-00 00:00:00',
  post_date_gmt datetime NOT NULL default '0000-00-00 00:00:00',
  post_content longtext NOT NULL,
  post_title text NOT NULL,
  post_excerpt text NOT NULL,
  post_status varchar(20) NOT NULL default 'publish',
  comment_status varchar(20) NOT NULL default 'open',
  ping_status varchar(20) NOT NULL default 'open',
  post_password varchar(20) NOT NULL default '',
  post_name varchar(200) NOT NULL default '',
  to_ping text NOT NULL,
  pinged text NOT NULL,
  post_modified datetime NOT NULL default '0000-00-00 00:00:00',
  post_modified_gmt datetime NOT NULL default '0000-00-00 00:00:00',
  post_content_filtered longtext NOT NULL,
  post_parent bigint(20) unsigned NOT NULL default '0',
  guid varchar(255) NOT NULL default '',
  menu_order int(11) NOT NULL default '0',
  post_type varchar(20) NOT NULL default 'post',
  post_mime_type varchar(100) NOT NULL default '',
  comment_count bigint(20) NOT NULL default '0',
  PRIMARY KEY  (ID),
  KEY post_name (post_name),
  KEY type_status_date (post_type,post_status,post_date,ID),
  KEY post_parent (post_parent),
  KEY post_author (post_author)
) $charset_collate;\n";

Also, regular posts need a default category. Not sure what happens if you omit that.