What is it called/Can I achieve it in Premiere Elem 8?

Hello,

I was wondering, what do you call the effect in a movie when the main character(s) are walking and everything else around them is either moving really slowly or in reverse. I usually see this effect in movies with dream sequences or they are on a trip or something to that extent. And the second part to this question, can I achieve this in Premiere Elements 8 or do I need something like AE or PE Pro?

via Video Editing Forums: Digital Director – Adobe Premiere, Premiere Elements, and After Effects http://www.videoforums.co.uk/adobe-premiere-premiere-elements-after-effects/44154-what-called-can-i-achieve-premiere-elem-8-a.html