I've heard they do stack, but as percentages rather than simply adding to each other. And I think I've also heard that you'll never get faster than half casting time, but you may get a higher percentage chance for half cast time with two mods on separate items. (IIRC you could get 1/4 recharge.)
I know I saw a nice write up of this somewhere, but I can't remember where. A quick search on guru resulted in things like
this
EDIT - awww *blush* I found the
link for the nice write-up ... in the sticky FAQ ... and authored by Savio, the author of the sticky FAQ .... for shame, Luny, for shame!