http://davidnorton.org/ilife/imovie/
The Video effect of slow motion by converting the clip and adding slow motion on iMovie or speeding up the video to make a time lapsed video.
Select a clip from an event then place in into the project. Once in the project we can split out the clip we want to adjust or we can adjust the entire clip. Select the inspector.
Next we go to the inspector and select convert entire clip. This will also convert the entire clip in the events folder as well to allow for speed adjustment of the clip.
Once it is finished converting the speed adjustment will appear. It will be set in the middle of the turtle and the rabbit.
To place the clip in slow motion move the arrow on the slider to the left it will reduce the frame rate to 12.5%. This will decrease the frame rate and produce a slow motion clip for your video. The rate can further be decreased to 5% by typing this percentage into the box on the right side that indicates the speeds percentage.
To increase the clips speed move to the arrow to the right this will increase the speed up to 800%. Another option is in the percentage box you can increase it up to 2000% of the original speed. This is good to make time lapsed video of sunsets, cloud formations or what ever may catch your fancy.