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I have a video clip that is one hour long and I would like to compress it down to 60 seconds. Anyone know the easiest way to do this with Premiere?

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    Just to be clear: do you want to play back your footage at 60x the original speed such that one hour fits in one minute? – Saaru Lindestøkke Jan 19 '13 at 20:14
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Depending on your version of Premiere, there should actually be a speed adjustment from the context menu when you right click on the clip. It may be under a sub-menu depending on version, but it will give you the option of either a % to increase/decrease the speed by or a new time that you want the clip to take.

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