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It works, but I get the feeling you don't fully understand how EV's work yet. I would visit GameFAQS and check an EV FAQ in the Emerald board to get a good idea on what they are.
You can get 255 EV points total. That's 63 extra points for one stat.
If you EV train it in speed.. well, if you beat FOUR Pokemon that give out ONE speed EV point, you'll get one more point than you usually would when the pokemon levels up. you might get more, just depends on how fast it levels up.
It doesn't mean it can't get 304 in whatever stat it is.. it just means in the end, it'll have 63 more points than it would if you didn't EV train it.