ya that's for time stretching. actually the version of fruity i use doesn't even do timestretching, it just slows down or speeds up the sample so it fits to 16/32/64/etc beats. i like that though because it feels old skool and can produce some cool unexpected results.
man i have to echo what you said too about there being a million ways to do everything. for that reason fruityloops has to be one of the coolest programs ever made. it's just so... friendly. like it's one of the few programs where i actually feel like it's working with me. like there's nothing hiding, all of it's just right there in front of me at all times. i also love how everything is 3D and you can have you're own background. that's why i like the old version of ACID too, it's totally gay and happy and everything's rainbow colored.
i love it when people who aren't familiar with any of this stuff ask me what i use to make my music and my answer is "FRUITYloops and ACID!" i mean it really lowers the risk of taking oneself too seriously.