Exactly. You hold "ctrl", put your pointer (arrow) on one of the clip's edges, you'll see a little kind of square appearing with a little kind of wave right on the side. You left click and hold the pointer while dragging to the desired lenght of time. To resample: right,click into the clip, go to "switches" and select "resample".

If you are very new to the program, you should do the basic tutorial. Doesn't take that long for what you'll learn. You'll go through all these little tricks that can make you start on the right foot...

link:
http://www.sonicfoundry.com/tutorials/default.asp