For starters, a technical point.
Does mass change with velocity?
There is sometimes confusion surrounding the subject of mass in relativity. This is because there are two separate uses of the term. Sometimes people say "mass" when they mean "relativistic mass", mr but at other times they say "mass" when they mean "invariant mass", m0. These two meanings are not the same. The invariant mass of a particle is independent of its velocity v, whereas relativistic mass increases with velocity and tends to infinity as the velocity approaches the speed of light c.
It's correct (but as the FAQ mentions it's regarded by many as somewhat dated) to say that relativistic mass increases with velocity - but it's not correct to simply say that "mass" increases with velocity. Making the obvious pendantic correction, and assuming you meant relativistic mass increases with velocity leads to the next point.
Next up is the FAQ
If you go too fast, do you become a black hole?
The answer to this question is no, you do not.
In part the misunderstanding arises because of the use of the concept of relativistic mass in the equation E = mc2. Relativistic mass, which increases with the velocity and kinetic energy of an object, cannot be blindly substituted into formulae such as the one that gives the radius for a black hole in terms of its mass. One way to avoid this is to not speak about relativistic mass and think only in terms of invariant rest mass (see Relativity FAQ Does mass change with velocity?).
This is WHY relativistic mass is (in my opinion and many others) a bad idea - too many people make the mistake you just made, and ascribe characteristics to relativistic mass that it does not have.
The concept of the mass of a system in GR is actually quite subtle. In this particular case, though, a rough translation of the useful formulation of mass is to say that the total energy of the particle (which you can losely think of as the potential energy plus the kinetic energy) stays constant as the particle falls into the black hole. Be warned though that strictly speaking the idea of "potential energy" isn't quite correct except in the weak-field limit.
The more precise and correct way of saying what I said above is that there is a conserved energy associated with the geodesic motion (the motion of a freely falling particle) in the Schwarzschild geometry (the static geometry of space-time associated with a single large mass). This consered energy is generally given the label E
0, as it turns out to be the covariant compoent of the energy-momentum 4-vector of the infalling particle.
The end result is the same - there is a constant quantity, which you can think of as energy, that a particle orbiting or falling into a black hole has.