Let 1 be your current state, and 2 be your state after you gain weight. If the weight you gain is just fat, and does not increase your running power (your aerobic/muscular energy rate), P2=P1 and KE2=KE1, so
1/2*m2*v2^2=1/2*m1*v1^2.
Velocity is v=d/t. Since if you want to know how your time will be affected over a specific distance, d1=d2. Therefore,
t2/t1=sqrt(m2/m1).
If you weigh 110 lb, and you are gaining 3 lb, then
t2/t1=sqrt(113/110)=1.014.
Therefore, what you used to run in 60 sec will now take 60.8 sec. If you gained 10 lb, it would take 62.6 sec. If you're a 150 lb person, increasing your weight by 1 lb increases your time by 0.2 sec for every 1 min. For El G, a 3 lb gain would move his mile PR to 3:45.5.
So how do we interpret these results? Gaining a small amount of "useless" weight makes you slower, but not by much at all. The assumption was that gaining 3 lbs would be like wearing a vest--a physiological over-simplification. Here are some of the factors that were neglected: changes in muscle mass, changes in form, ideal caloric intake, nutrition, etc.