How do I go from 100% speed in a clip to landing on a specific frame and freeze framing it (changing the speed to 0%) and holding that freeze frame for 1 second?? I thought there was something simple like a speed overlay in the timeline, similar to the opacity overlay. But I can't seem to figure out how to bring that option up. Or is there another way to do this? Please help! This project needs to go out today!
Thanks!

You didn't say what sofware you are working with.

In Final Cut Pro: go in the timeline to the last frame (frame you want to freeze) then choose modify -> make freeze frame. A copy (picture) of that frame will open in the vieuwer. make IN and OUT or type in a duration and put it in the timeline. there you go.
You may want to add the filter video -> de-interlace if needed.

hope this helps

Sorry, I'm in FCP 4.5. I did what you said and it worked in a pinch. Thanks! But isn't there some way to see a speed overlay line in the timeline or am I just crazy?

Yes there's the "Time Remap" tool which works in the timeline. It looks sort of like a clock, and counting down from the top it's the 5th icon in the tool pallette. You will have to click on it and hold down to access the tool.

HOWEVER this is FCP 5.... I didn't think that tool was part of FCP 4.5, but I could be wrong. Look in the index of your user manual - it's in Volume 3 Part 2 "effects" in the FCP 5 manual (page 323 specifically).

Here is a terrific tutorial (video tutorial) on how to use the Time Remap Tool:

http://www.proapptips.com/proapptipsvideotutorials/879F6B61-CFF9-4FD1-8D43-FDF89605611A/CD2733FE-EAAB-484D-B6C5-E2196B8026C9.html

And a few other neat tutorials.