Time Dilation (RPG Spell)

Now this question concerns both Python scripting and game engine knowlege.

I’m wanting to make a simple (Trying to make a very simple game, but this part.) game with the BGE, I’m a complete noob when it comes to programming though. I’m going to be making a very simple game with basic (Pixel-like) graphics, and play with how games are made with it. (Keep shifting ideas into too overly complex, trying again.)

So the Key component of this game is to have the ability to shift between slow and normal speeds, allowing the player to move around mid air dodging things like fireballs while everything is moving at half normal speed. Anyone have any Idea how I could do this, and make it into a toggle-able spell the player can use at will?