To speed up a video, add it to the Video 1 track of the Timeline. Use the mouse to grab the triangle at the top right hand corner of the clip. Reduce its length by dragging it to the left. This will reduce the duration of the clip and the speed at which the video is played would be faster. Refer to the help section on moving and resizing sources.

To blur an icon or any other portion of the video, place the video you want to work on, both in Video 1 and Video 2 track. Make sure the duration of both the clips is same. Add the Blur effect to Video 2 and adjust the settings to get the extent of blur you want. Now add Picture-in-Picture in the Transition track for the same duration as the blur effect. In the settings for Picture-in-Picture, make sure that the view and bounding rectangle are same in size. Also make sure that both the rectangles are placed on the same part of the image i.e. on the bottom left corner where the icons appear.

As you play the video, you will see that the bottom left corner will be blurred. This is because you will see the portion of the Video 2 (that is blurred) where the icons appear, placed on Video 1.