Yes. The slow motion effect is not dependent an any one format of video.
However, the more you slow down a video, the less smooth it can look.
Thanks for the response, but how do I do it??
Time Stretch is where I would start. If you need to apply that Effect to only part of a Clip, just use the Razor/Scissors Tool, to Cut that Clip, into the segments, where you wish to apply Time Stretch.
Posterize Time can be effective, as well, but from my reading of your needs, I think that Time Stretch (Rt-click the Clip, or Clip segment and apply).