Well, if you keep your list sorted, then you might not need to fully traverse it in every case, since you can stop the search as soon as you find the node you want.
I think that the list is O(n), and you always end up traversing it all the way eventually. Unless you compliment it with another type of auxiliar index (like Dan04 said, a Tree [any kind] or a hash table).
But at the bottom line, nothing beats a good hash table in terms of direct access
Cheers!