My company has been running a large project on Delphi for more than a decade. Our codebase has been growing over the years and now stands at around 4 million lines of code. Comp
It's well worth trying DelphiSpeedUp from Andreas Hausladen but that will only help IDE performance rather than compilation as I understand it.
The other idea that nobody has suggested yet is to use high spec solid state disks.
I recommend using 64 bit Windows 7 with a large amount of RAM for the best file caching performance.
Just be thankful your project isn't written in C++!