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Right click clip >Speed
or Time remap in FX Window (Check Manual)
Check-out podcast #24 or #12.
Or if it's a full clip right click on it when you want to use and "Interpret footage" and set it to the frame rate you want.
Works pretty darned good, when shooting Slow-mo (60P) in HD, had to drop it down to 12 to get it to be what we wanted, but the orignal being at 60 helped. (drop of paint falling through space...SUPER fast).
Time-remapping is cool -- but if it's over a long time or depending on the clip can be dangerous below (80%) or above (120%) in speed adjustments.
but in combination, you're better off.