You've got two different methods available. You can "squish" the clip by holding down the Ctrl key and dragging the right edge of the event to the left. That will speed it up to fit into whatever new length you squish it to. This method also lets you slow it down by Ctrl-stretching it to the right. The range is 4x to 0.25x speed. The other method is to insert a Velocity envelope and move the green line that appears up. The maximum speed increase this way is 3x. You can also drag the line down to slow it down to a complete stop or even run backwards. You can combine the two methods to get 12x faster playback.

There are some advantages and disadvantages to both methods.

Ctrl-dragging affects both the video and the audio, so they remain in sync. However, you can't slow it down past 1/4 speed or go in reverse. The clip will only play at a constant speed.

Velocity envelopes let you go to still and reverse. They also allow you to change the speed from point to point as the clip progresses. However, they only affect the video track so the audio won't stay matched up.

>>>You can combine the two methods to get 12x faster playback.<<<
I didn't know this, thanks for the tip Kelly.
Randy