Yes, it can, but much of a change is going to alter the sound a fair bit. There are tools for the sole purpose of doing this -- significantly slowing the song down without changing the pitch -- and I'm not sure whether SONAR can as well as they can. They're optimized (I assume) for that purpose while SONAR's not. The tools I'm talking about are
Slow Gold and
the Amazing Slow Downer.
SONAR also does the same sort of beatslicing trick that ACID does to shift the time of loops so they can be sped up or slowed down with little perceptible change in timbre, but that doesn't work for what you have in mind.