I'm a beginner with it, and I need the basic rundown. For instance, I'm trying to do a OCE for CODHUT (I have no chance of winning, but I want to do it) but when I play the clip that they want to use, it is playing in slow motion and not full speed. How does that work?

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To view it in full speed click RAM Preview, it is somewhere near the play button, it will pre-load it then play it. if you want to play it in real time all the time, I suggest changing it to half or quarter resolution, it will give you a basic idea, and then when you want to make sure its perfect, RAM preview, this will also play sound.

How do I make it play in real time all the time?

set the resolution to either half or quarter depending on what works, if you don't mind waiting a little while before watching it for full resolution and quality then just keep using ram preview.