If you have ArcGIS Server, it's significantly faster to use that for caching instead, as it's multi-threaded and last time I checked ArcMap caching was not. Publish a service to ArcGIS Server using whatever cache settings are appropriate for what you're trying to accomplish. I recommend selecting "Build cache manually after the service is published" and then, in ArcCatalog, right-click on the service and select Manage Cache > Manage Tiles to manually start the caching job with n number of caching server instances (which will be limited based on the maximum number of instances you have set in the System\Caching Tools service on your server). After that's done you can right-click on the service again and select Manage Cache > Export Cache and then chance the export cache type to TILE_PACKAGE. I recommend doing this on 10.2+ as this workflow in previous versions was error prone due to some bugs that appear to have now been fixed. While ArcMap *can* cache, it's really not optimized for it.
