Time can be expanded or compressed to communicate excitement. Expansion is generally used in scenes of suspense. Cuts to the detail of an action or to a character's reaction to pending danger can turn a scene into a real nail-biter. Think about a scene in which the heroine is tied to railroad tracks in front of an approaching locomotive. The audience knows the train is only a few seconds away, but careful cutting can make the hero's desperate attempts to rescue his lady love last a little longer, heightening tension and building suspense.
Time compression is more common.
After all, if the story told by a film occurred in real time, audiences would leave the theater before the movie was finished. Remember, it's not necessary to show every action for the audience to know that it occurred. If your character moves from one scene to another in an automobile, it's unnecessary to show the audience too much of the car ride from one place to another. To do so would be tedious and wreck your pacing. When you think you have finished editing, you probably haven't.