That could very likely cure your watch. Heres what happens: two or more coils of the hairspring touch. The end up sticking together and thus shortening the length of the spring. Because it cannot coil and uncoil fully, the balance wheel speeds up (faster shorter strokes). Thus, your watch speeds up.
Slapping the watch gently is often enough to free up the spring. I've heard of this happening because of a single piece of dust laying across the spring.