Hi Carol.
Short answer..."Yes!" This is directly from the Help file in PDR 6:

Change the Speed of a Video Clip
Slow-motion or fast-motion effects can grab your audience's attention as well as break up the rhythm of a movie.

To change the speed of a video clip, do this:

Select the clip you want to modify.

Click Speed. The Video Speed Options panel is displayed.

Select the desired Audio setting, as follows:

1. Select Stretch to stretch the audio portion to the same proportion as the video portion.
2. Select Mute button to mute the audio all together.
3. Set the new speed. You may do this in one of two ways:

- Drag the slider to increase or decrease the speed.
- Enter a duration in the New video length box. (This method allows more accurate control, as you can specify a length down to the frame level.)

Note: Clips with stretched audio can be slowed down to 0.50 X the original speed or sped up to 2.0 X the original speed. Clips with muted audio can be slowed down to 0.10 X the original speed or sped up to 10 X the original speed.

4. Click to close the Video Speed Options panel.