Alternatively, as opposed to the 3:15 method, assuming you have GWX installed, you can use the nomograph on the right hand side in the navigation map for any time period you find convenient - though obviously the longer the time the more accurate it should be. Using the nomograph is really easy - just draw a line between the 'time' and 'distance' mark to get the speed in knots
You can also try the four bearing method. This is also useful when you don't have visual contact and are relying on hydrophones, esp. without map contacts on you won't be able to judge distance
Here is a pretty good explanation of the four bearing method:
http://ricojansen.nl/downloads/the_f...%20Kuikueg.pdf
Note that it doesn't tell you exactly how to construct the paralell lines - I use a combination of compass and protractor for that (there should really be a T-square tool in this game :-)