Hi. Checkout the following link:
http://coronalabs.com/blog/2011/07/27/the-secretundocumented-audio-apis-in-corona-sdk/
Download and play with the following example. This helped me immensely.
https://github.com/alix-ansca/ALexplorer
You can change the pitch which will therefore change the playback speed. I successfully used this feature to make a scrubbing effect in a video app(I made the sound match the speed and position of the video dynamically).
These are the important lines:
[lua]
mySource = audio.getSourceFromChannel(1)
al.Source( mySource, al.PITCH, 0.5 )
[/lua]
You could also call this several times with a slight delay to soften the transition from full to half speed e.g. 1.0, 0.9, 0.8, 0.7, 0.6, 0.5.
From memory I used audio.loadStream for all sound effects. Not sure if that is necessary.