There are a set of moves that will gaurentee that you solve it if you follow those moves. Some people like this Julie have memorized these moves so they can solve any rubik's cube quickly on the spot. There are a lot of patterns in it, so it isn't too hard to memorize, but you have to want to know and retain that knowledge to be able to do it all the time.
They also have rubik's cube competitions...where you see who can solve it the fastest by taking the average of several cubes. Those people are insane...routinely doing it in under 30 seconds.
Quote:
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The lowest record time for a solving a single cube at in an official competition is 16.53 seconds, set by Jess Bonde
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I took that from a non-official rubik's cube web site. It also says the fastest 5 cube average is 20 seconds flat.
There are also people who can study the cube for a while and then solve it blindfolded. It is really interesting to see this, cause it is so amazing.