Yes it is possible to do this but you have to render the Video only. To increase the speeed of a video clip, right click on the piece of video and select properties. You will be brought into the properties window of the video clip. Adjust the play speed and then close.
Render this piece of video with the volume muted.
Please see attached screenshots.
If you have any more questions, please do not hesitate to contact me.
Cormac
The Trakax Team