re: Last I heard....
What I believe the original author may be looking for is a cosmic wormhole, kinda like the kind they used in Contact.
Ironically, Carl Sagan had asked Kip Thorne how possible it was to use a black hole for rapid travel across the Cosmos for his 1985 novel Contact, and Thorne came up with the idea of wormholes instead. All you need is a rather advanced society that can crush matter to extreme depths, rip open holes in the space-time continuum, and wa-laa!
http://www.zamandayolculuk.com/cetinbal/ResearcWormPhysics.htm
http://www.physics.northwestern.edu/classes/2001Spring/135-
1/Projects/1/Time%20Trael%20Via%20Black%20Holes2.htm
So tell me, is this for a novel, homework, or just plain curiousity?
