Click on the small gear icon (cogwheel) at the start of the clip and select Clip Adjustments from the pop-up menu. In the Inspector that opens, in the Clip tab about halfway down you will see a slider named "Speed". It's best to choose a speed from one of the slider settings, that is, 12.5%, 25%, 50%, 100%, 200%, 400% or 800%. Typing in your own custom speeds
may cause audio glitches in your exported movie - however, these may not be apparent in preview. This was an issue with iMovie '09 and may still prevail in iMovie '11, but I've not seen any posts about it in the iMovie '11 forum, so it may be safe to use custom settings now. But better to be safe than sorry I guess!
Note that just under the Speed slider there is a Direction check box labelled Reverse. Check (tick) the box to reverse the clip.
John