Working out is good for your health and conditioning, but not really for gaining speed. The best way to gain ball speed, that I know of, is to elevate where you hold the ball during your setup. For instance, if you currently hold the ball around belt high at address, raise the ball up to the level of your chest. It's quite simple: the higher you hold up the ball the more speed is going to be generated during the downswing. You can slow the ball down using the same principle. Again, I'm not saying that working out is a bad thing. I don't think, however, that bulking up is the best way to put more speed on the ball. That's just my .02. Best of luck to you.

Gene J. Kanak
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I can't bowl 300, but I can bench 310 : )

that's a good point HB, I'll try that in my practice today before I go to work.

To add to what Gene said, I think you can also try pushing the ball over the bar, so to speak, to gain a bit more speed.  On your pushaway, push the ball slightly up like you're trying to go over a bar that is just in front of the ball.  I do that and hold the ball higher to gain more speed.  It also helps you to get a relaxed armswing.  Then, if more speed is needed, I try to take a quicker first step like HammerBowler suggested.
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I just want 2C was'zzub.
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I am the SGT Schultz of bowling.
"I know nothing!"

Great suggestions guys. Thats pretty much the way I go. I move back on the approach, increase the length of my steps and make a quicker movement to the foul line. I also start the ball at almost shoulder height. Of course, starting it high helps me get it up higher in the backswing. Once its up there, I can push it down and away pretty hard. Now, if I could only be accurate....LOL! Good luck.