i suppose it does, but since NTSC is 29.97 fps and PAL is 25, you have to lose the frames without making it choppy which is why it's a bit more difficult.
if you want to do this, the multi-step guides may be the only free way. there's software that will do it automatically, but it isn't free.
iMovie does this, but unless you have a mac, it won't be of much help.