Sure it does. To timestretch or in your case you want to speed something up, so you're actually time "compressing". You can easily do this by holding down the Cntrl key while your mouse cursor is located at the right edge of the audio event. You will see the cursor turn to a " ^^^^ " type of tool. Now you can either stretch or compress the audio by holding the CNTRL key. Also if you right click on that audio and select "Properties" you will see some selectable stretch methods depending on if you want the pitch to stay the same or change. You can also add numerical values as far as the amount of time stretch and compression you desire. Also within the "crossfade" selection box it gives you some time compression methods to make it sound better as to the type of audio.

If that doesn't give you enough sped up process. Another thing you can do is right click on the audio and select "apply non-realtime event FX". Once in there select the Sony "Time Stretch" plugin. Now you can times compress as much as the plugin will allow you too, apply the FX and then repeat the process to compress it again. Don't expect it to sound all that great though, because obviously there's some limits in the amount of time compression you can do to audio before it gets rid of too much information.