I would never generalize that one can spin "any" motor at twice the rated speed. That is a potentially fatal assumption.
As itsmoked and ScottyUK have mentioned, there are specifics involved that need attention not only to the equipment, but also to the nature and dynamics of the load attached to the equipment.
For example, as ScottyUK mentioned you need to increase the voltage at the same ratio as the speed in order to maintain the motor torque. But even if you DID increase the voltage, if your load is a centrifugal pump or fan, at 120% speed the PUMP will require 172% power (shaft kW) from the motor. But at 120% speed the motor power only increases to 120%, so unless your motor started off being more that 50% over sized to begin with, you will come up short and overload the motor. If you can't increase the voltage, it's even worse.
"You measure the size of the accomplishment by the obstacles you had to overcome to reach your goals" -- Booker T. Washington