Sure, bo. The effect is called time dilation. It is a consequence of Einstein's special theory of relativity. It means that if somebody is moving, relative to you, then their clocks are moving slower than yours, in the sense that the time you measure between any two events on their path (e.g., their leaving earth and their arriving at a distant star) is longer than the time they measure.
This leads to a bit of an apparent paradox -- which isn't an actual paradox -- because you're also moving relative to them (from their point of view), which means that, for them, YOUR clocks are moving slower than THEIR clocks, for events that happen to you. A complementary principle that helps this all work out is that you also measure distances differently: distances along their pathway will be shorter to them than they will be to you (and vice versa). So suppose somebody is travelling at 95.4% of the speed of light, from earth to a planet 100 light years away. From their perspective, the star is 30 light years away, and will take them 30 years to reach. From your perspective, it's 100 light years away, and will take them 100 years to reach. Neither is wrong -- it's just that, according to relativity, time and space are different in different inertial reference frames (i.e., reference frames that are moving at a constant speed with respect to each other).
The actual factor, by the way, is sqrt(1 - v^2 / c^2), where v is the relative velocity, and c is the speed of light.
Here is a nice page on the effect, located in a longer series about relativity.
http://www.pa.msu.edu/courses/2000fall/phy232/lectures/relativity/dilation.html