If its on SQL 2000 then nothing you can do for that as per http://msdn2.microsoft.com/en-us/library/Aa258909(SQL.80).aspx information.

As you can see, the majority of the wait time is consumed by a wait type called WRITELOG. This is the time spent waiting for log information to be written to the transaction log file. The count ('waits' column) is equal, more or less, to the number of rows we inserted in the loop. The other wait...

See JSmith's article in this case.