There are a few different approaches you could try.
I'll assume that the Van Halen track has been imported as an audio clip.
o Use Process->Transpose, and select the 'transpose audio' option. This gives you a choice of pitch-shift algorithms and other parameters to control the process.
o Use the loop construction view to change the clip's pitch. You have to convert the clip to a groove clip first IIRC.
o Use Cakewalk's pitch shifter plugin.
[edit]
If you want to change the speed as well after transposing, CTRL slip-edit the clip by the desired amount then bounce it to a clip. Or, if you've used the loop construction view to change the pitch, I think you'd use the stretch on/off and original BPM settings to get the clip to play slower or faster.
[edit 2]
You could even (possibly) drop the entire Van Halen track into DropZone and play the 'sample' back using a lower pitch key!