Once you’ve placed a video clip into the timeline, you can make the total event take up more time or less time for the same action by simply holding down the Ctrl. key while you drag the edge of the event.
You can also go one step further by creating video clips with gradual changes in the speed. To do this, split the event into several smaller sections and apply Time-Stretch with either progressively slower or faster action for each of these separate events. Or, you can jump directly into slow motion for part of the scene and then right back to regular speed for the rest of it.