Choose 0.75×, 0.5× or 0.25× and the new length appears under the buttons. The sound slows down with its pitch intact.
One honest caveat: real slow motion comes from a camera shooting lots of frames per second. Slow a regular 30 fps clip down four times and movement gets choppy, because there are no extra frames to show. Footage shot at 60 or 120 fps slows down beautifully.