We show that group velocity of light far exceeding the vacuum speed can be realized when a medium that produces a narrow band dip in the gain profile is placed inside a ring laser. The dip leads to an effective negative dispersion, which can be tuned to produce a very small group index. The rotational sensitivity of the ring laser is enhanced by a factor equaling the inverse of the group index. For a realistic system, the enhancement factor can be as high as 1.8*105. In order to realize such a device, the background gain can be produced by using, for example, an optically pumped Ti:Sapphire crystal, a semiconductor optical amplifier, or a diode pumped alkali laser. The narrow dip can be produced, for example, by a Rb cell configured for Raman depletion. Here, we present the theoretical model behind such a superluminal laser, and describe a preliminary experiment for realizing such a device.