--===== If the test table already exists, drop it so we can rebuild it
     IF OBJECT_ID('dbo.BigTable','U') IS NOT NULL
        DROP TABLE dbo.BigTable
GO
--===== Define a handful of dynamic SQL variables
DECLARE @SQL1 VARCHAR(8000),
        @SQL2 VARCHAR(8000),
        @SQL3 VARCHAR(8000)

--===== Define the "fixed" portion of the SELECT list
 SELECT @SQL1 = '
 SELECT TOP 265000
        IDENTITY(INT,1,1) AS RowID,
        GETDATE() AS EntryDate,
' + CHAR(9)

--===== Define the 220 GUID columns we want to build.
     -- This uses the variable overlay technique of concatenation.
 SELECT @SQL2 = COALESCE(@SQL2+','+CHAR(10)+ CHAR(9),'') + 'NEWID() AS Val' + CAST(Number AS VARCHAR(10))
   FROM Master.dbo.spt_Values --Could use a Tally or Numbers table here
  WHERE Type = 'P'
    AND Number BETWEEN 1 AND 220

--===== Define the "Into" and the cross join that will spawn the rows.
     -- This uses the same cross-join technique usefull in building Tally and Numbers tables
 SELECT @SQL3 = '
   INTO dbo.BigTable
   FROM Master.dbo.SysColumns sc1 WITH (NOLOCK)
  CROSS JOIN Master.dbo.SysColumns sc2 WITH (NOLOCK)'

--===== Show what the final code looks like, just for fun...
--  PRINT @SQL1+@SQL2+@SQL3

--===== ... and then run it. (Takes about a minute on my ancient but useful box)
   EXEC (@SQL1+@SQL2+@SQL3)

insert bigtable default values
set @ctr = 0
set @num_iterations = 18  -- this is a DOUBLING number, so anything past 18 and you're getting into slow territory.
while @ctr < @num_iterations
begin
  insert into bigtable(dummy_column)
    select dummy_column from bigtable
  set @ctr = @ctr + 1
end