Apple Logic Pro 9 - Manual (Page 543)

To time stretch using region borders
Do one of the following:
µ
Drag the left or right edge of the region header.
µ
Hold down Option while dragging the region’s lower-right corner.
Using Varispeed to Alter Playback Speed and Pitch
You can use the Varispeed mode to speed up or slow down a project between −50% and
+100%—which equals between 50% and 200% of the original tempo.
Note: Varispeed affects the entire project, not just the flex-enabled audio tracks.
Varispeed provides a way to speed up or slow down the entire project, similar to the
original varispeed feature of tape machines. The most practical use for this option is
checking how a project might sound at a faster or slower tempo, and for practicing and/or
recording a performance at a lower speed.
543 Chapter 16 Flex Time Editing