A new hard drive might help if yours is nearly full. If you happen to have a slow, 5400 RPM hard drive then a new one might help in that case as well. However, slow load times in BF1942 are usually due to lack of sufficient memory.
When I had 256MB a map loaded in about 2 minutes. I added a spare 128MB module (all I had on hand) and load times went down to 20 seconds.
www.3dspotlight.com (I forget the new name/URL) had a BF1942 tweak guide. It mentioned that BF1942 can actually use up to 1 GB of memory but noticeable performance gains stop after 768 MB of memory. There is (IIRC) only a very small gain going from 512MB to 768MB.
Unfortunately, with the Desert Combat MOD my load times are up to about 1 minute. The original game still remains roughly the same at about 20-25 seconds.
<b>56K, slow and steady does not win the race on internet!</b>