There is no version of Dolphin that can accomplish that level of playable speed, but after watching this video:
http://www.youtube.com/watch?v=z_FcBJ3UbDg,
and when I tried it myself, it worked

! Super Smash Bros. Melee was playing at perfect speeds, though it was still a little jerky, it was still perfect

. The video says that you need dolphin vs.1.02. but I tried it on my dolphin vs.1.03 and it still worked. One piece of warning is that when you are going to do it, remove your memcard_a first because it will ask if it can save data which will automatically delete all the game data that you previously had

.