Intense beams of cold and slow molecules are produced by supersonic expansion out of a rapidly rotating nozzle, as first demonstrated by Gupta and Herschbach. An improved setup is presented that allows to accelerate or decelerate cold atomic and molecular beams by up to 500 m/s. Technical improvements are discussed and beam parameters are characterized by detailed analysis of time of flight density distributions. The possibility of combining this beam source with electrostatic fields for guiding polar molecules is demonstrated.