Specifically I want to figure out the formula which will tell me: how long will it take to watch this video (normal length $L$) at speed $x$.
I think this will be asymptotic, no matter how fast you play a video, it will take some time, even as that dwindles down towards $0$, it will never hit. I also assume that playing a video at speed $x=2$ would mean $\text{duration} = \frac{L}{2}$, but I'm unclear how to translate that into a general equation. For instance, when $x=1.4$.
A brief explanation of the method of calculating this would be best.
The playback rate is the number of seconds of video per second of real time, i.e. $R = V/T$. Rearranging that, you get $T = V/R$, i.e. the amount of real time is equal to the length of video divided by the rate. So a 4 minute video at 1.5 rate takes $4/1.5=2.67$ minutes, or 2 minutes 40 seconds.