Maybe, but it won't be through the usual route of improved training techniques and athletic equipment. Running truly fast has to do with muscle contraction, and human muscles just don't contract fast enough, unlike, say, those of a cheetah. So if genetic engineers can find a way to transfer the muscle characteristics of cheetahs to humans — and it seems likely they could — you'll have athletes who can leave the current record of 3'43" in the dust.