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Quick question on iMovie ’08

I’m in the process of editing the “How Sheldon Is Created” video, and have hit a substantial roadblock…so I thought I’d ask for help.

Does iMovie ’08 have a way to change the duration, such that a section of video can run at 2x, 3x, or (any) increased speed? The old version of iMovie used to have that…but we’re hard-pressed to find that functionality in the new version. After 2-3 hours of looking online through tutorials and FAQ, I thought I’d ask Sheldonistas.

Anyone have a suggestion?