Media Player does do speed adjustment on some mpeg video files, depending on what codec it was encoded in. I'm not certain which codecs can be sped up, though.
To speed up a DVD, you would have to rip it first, which is a *very* gray area in the current copyright laws... even if it is for your personal use. It depends on what licenses / copyright warnings are on the DVD. The standard DVD format, though, isn't encoded to be able to be sped up.
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