Is this version 15 of Movie Edit Pro? You will have to select the video object and then find the speed setting in the mediapool under the "Effects" tab => "Video effects" section => "Speed" sub section. Just move the slider to make the playback of the object slower or faster. If you want to go below/above the limitations of 0.5 to 2 times speed or reverse the playback direction, make sure the video is not grouped with an audio track. Imported video footage that does have an audio track will usually be grouped by default. You can ungroup objects in the arranger (broken chain icon or keyboard shortcut CTRL+M).
In older versions of Movie Edit Pro you can access the speed slider via the video effects dialog, which you can access in the video object's context menu (right-click). Otherwise it's pretty much the same procedure, including what I said about ungrouping video and audio tracks.