Yep, there's a few ways to do this:
There's a "rate" slider in the transport that you can adjust, or you can hold 'alt' and drag the edge of an item to stretch it. You can also stretch things from the item's properties window.
If you use the transport's slider, make sure you right-click it and check that 'Preserve pitch in audio items when changing master playrate' is enabled.
*edit*
You might also want to change the time-stretching algorithm in your project settings. (Alt+Enter)
Try using elastique 2.1 Pro