Interesting question. Not sure how to effectively do this in PrE, but one can do it in a program like Adobe Audition. Unfortunately, that is not a cheap solution. Not sure if the free Audacity can do it, but some of the Audacity gurus, will likely have something to offer.
I can vividly imagine what you want, and could think of a couple of uses for that in a narrative video. Cool.
Let's see what thoughts others have on this.
Hoping all is going well with your Premiere Elements projects.
Did you ever hear of "ramping slow motion" where the clip is cut into sections and to each section is applied a different Time Stretch Speed% set.
a. Cut the audio clip into equal sections (or as applicable) across its whole duration.
b. Then, after the first section, apply Time Stretch at progressively sequentially lowered Speed % value for the subsequent sections.
You decide on the level of the Speed % as well as the duration of each segment by exploration and experimention in order to achieve your effect.
That is my first pass at your question.
Audacity can vary speed over time - http://manual.audacityteam.org/o/man/time_tracks.html.
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Eh. Segmenting wouldn't be a very smooth sound. I did think of that. However, since this clip only needs to be something like 3 seconds, it's kinda impractical.
I was hping not have to get into a new program just for a brief effect, but I may have to.
I went over the freesound.org, where I thought, "Surely, there's an effect here", but srprisingly, there is not. But they did have a couple of solutions on their forum, so I'll probalbyl give them a try.